Intel CEO Pat Gelsinger retires, reports of ultimatum by board

Over the weekend, Intel announced the retirement of its CEO Pat Gelsinger who has been in the role since February 2021.

While the company writes in a news release that the now-former CEO had a “distinguished 40-plus-year career and has stepped down from the board of directors,” a report suggests he wasn’t given the option to stay in the position.

Bloomberg reports that Gelsinger was “given the option to retire or be removed, and chose to announce the end of his career at Intel.” They write their sources are people who have asked not to be identified because the proceedings weren’t made public.

Two senior leaders, David Zinsner and Michelle (MJ) Johnston Holthaus, have been named as interim co-chief executive officers while Intel’s board of directors conducts a search for a new CEO.

The board has formed a search committee to try and find a permanent successor to Gelsinger.

Frank Yeary, the independent chair of the board, will become interim executive chair during the period of transition. In the news release, he says: “On behalf of the board, I want to thank Pat for his many years of service and dedication to Intel across a long career in technology leadership.

“Pat spent his formative years at Intel, then returned at a critical time for the company in 2021. As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company.”

When Gelsinger came into the role of CEO, it was thought he would be the company’s guiding light in restoring its prominence in the semiconductor industry.

Since then, the company has struggled to gain traction in the market as its previous rival Nvidia dominates the field.

Yeary continued, “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.”

In the company news release, Gelsinger bids farewell: “Leading Intel has been the honor of my lifetime – this group of people is among the best and the brightest in the business, and I’m honored to call each and every one a colleague.

“Today is, of course, bittersweet as this company has been my life for the bulk of my working career. 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.

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

Image Credit: Photo by Cody Glenn/Web Summit via Sportsfile

The post Intel CEO Pat Gelsinger retires, reports of ultimatum by board appeared first on ReadWrite.