Intel CEO Gelsinger retires, a departure that underscores the company's turmoil

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Intel Corp.,Pat Gelsinger,Corporate Management

Struggling chipmaker Intel says in a surprise announcement that CEO Pat Gelsinger has retired. Two company executives, David Zinsner and Michelle Johnston Holthaus, will act as interim co-CEOs while the company searches for a replacement for Gelsinger, who also stepped down from the company’s board.

FILE - Intel CEO Pat Gelsinger speaks while holding a new chip, called Gaudi 3, during an event called AI Everywhere in New York, on Dec. 14, 2023. Two company executives, David Zinsner and Michelle Johnston Holthaus, will act as interim co-CEOs while the company searches for a replacement for Gelsinger, who also stepped down from the company’s board.

Gelsinger said his exit was “bittersweet as this company has been my life for the bulk of my working career,” he said in a statement. “I can look back with pride at all that we have accomplished together. It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics.”

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