(MENAFN- IANS) San Francisco, Dec 2 (IANS) Chip-maker Intel on Monday announced that its CEO Pat Gelsinger has retired from the company, along with stepping down from the board of directors, effective December 1.
The company named David Zinsner and Michelle (MJ) Johnston Holthaus as interim co-chief executive officers, as the board of directors conducts a search for a new CEO.
Gelsinger first joined Intel as an 18-year-old. At age 32, he was named the youngest VP in the company's history. He became Intel's CTO in 2001. In 2009, he left to join EMC as president and CFO, and was appointed CEO of VMware in 2012. Gelsinger rejoined Intel as CEO in 2021.
The Intel board has formed a search committee and will work diligently to find a permanent successor to Gelsinger.
Frank Yeary, independent chair of the board of Intel, will become interim executive chair during the period of transition.
“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,” said Yeary.
Gelsinger said that leading Intel has been the honour of his lifetime.
“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,” he added.
Zinsner and Holthaus said they are grateful for Pat's commitment to Intel over these many years as well as his leadership.
“We will redouble our commitment to Intel Products and meeting customer needs. With our product and process leadership progressing, we will be focused on driving returns on foundry investments,” they added.
Intel's revenue shrunk to $54 billion in 2023, down around a third from the year Gelsinger took over. The company has cut more than 15,000 jobs in a $10 billion cost-reduction plan. In October, Intel posted a $16.6 billion quarterly loss - the biggest in its 56-year history.
Shares of Intel were up almost 3.5 per cent on news of Gelsinger's departure on Monday.
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