Pat Gelsinger's reign as Intel CEO only lasted three years as chipmaker struggles in AI boom

Intel is undergoing a shocking shake-up in leadership as the chipmaker announces the retirement of CEO Pat Gelsinger. The former VMware boss held the position for only three years after stepping up in 2021.

Gelsinger has stepped down from his role and the board of directors per-December 1, 2024. In the interim, David Zinsner, Intel’s CFO with almost three decades of operational experience in semiconductors, and Michelle Johnston Holthaus, Executive Vice President of the Client Computing Group, have been appointed as co-CEOs.

With that, Holthaus also assumes a newly created position as CEO of Intel Products, with Frank Yeary taking over as interim executive chair.

“While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence,” says Yeary, revealing Intel’s current state as a struggling chipmaker.

A former Intel CTO from 2001 and 2009, Gelsinger rejoined the Santa Clara tech giant three years ago after being away for some time to turn the tables of the struggling company. But still, a lot of challenges, including the recent AI boom, have hindered Intel’s growth and left it trailing competitors like Nvidia.

“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,” says Gelsinger in his parting words.

“I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family,” he continues further.