LogInWhether he was ousted or left of his own volition is presently unknown.
Following his nearly five-year tenure as Intel's CEO, a period in the company's history some describe as disastrous, Pat Gelsinger has announced his immediate retirement from the role and departure from the company altogether, concluding his 40-year history with the tech giant.
VMware
Having been with Intel since 1979 and serving as the company's chief architect and later its CTO, Gelsinger stepped into the role of CEO in February 2021, sparkling optimism among some, who believed that an engineer at the helm of a tech company could steer the corporation out of the financial challenges it faced in 2020.
This optimism, however, proved overly ambitious, as Gelsinger's tenure and Intel's post-pandemic period as a whole were marked by thousands of layoffs and four years of financial struggles, with the company's stock declining steadily since mid-2021. Due to conflicting reports, it remains unclear whether the former CEO left voluntarily or was ousted because of Intel's current state.
As per Intel's official statement, David Zinsner and Michelle Johnston Holthaus will serve as interim Co-CEOs while the board of directors searches for a new CEO, with Frank Yeary stepping in as interim executive chair during the transition period.
Intel
"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," commented Gelsinger. "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."
Don't forget to join our 80 Level Talent platform and our new Discord server, follow us on Instagram, Twitter, LinkedIn, Telegram, TikTok, and Threads, where we share breakdowns, the latest news, awesome artworks, and more.