Intel CEO Pat Gelsinger has retired from the Silicon Valley-based tech giant and effectively stepped down from its board of directors on Sunday.
Intel announced that executive vice president and chief financial officer David Zinsner and Intel Products CEO Michelle Johnston Holthaus were named as interim co-chief executive officers as the board of directors look for a new CEO to replace Gelsinger.
Frank Yeary, independent chair of the board of Intel and new interim executive chair, lauded Gelsinger’s time in the company.
“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,” Yeary said in a statement.
Gelsinger described his retirement as “bittersweet”.
“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,” he said.
Gelsinger, 63, worked for Intel for over 40 years. Aged 18, he first joined the tech company in 1979.
While leading Intel’s creation of microprocessors, he became its vice president at 32, the youngest in the firm’s history. He is also Intel’s first chief technology officer.
In 2009, Gelsinger left Intel and became the CEO of desktop software giant Vmware, and president of Dell EMC, a multinational corporation specializing in data storage and information security.
He then returned to Intel in 2021 as its new CEO. He pushed for ambitious plans, including rivaling chip manufacturers such as Taiwan’s TSMC and South Korea’s Samsung, reviving chip manufacturing in the U.S., and reducing American dependence on foreign products and fragile supply chains amid geopolitical tensions in Asia.
The post Cashing in his chips: Intel CEO retires after ‘challenging year’ for Silicon Valley tech titan appeared first on Local News Matters.