Pat Gelsinger, CEO of Intel, steps down; Interim co-CEOs appointed.

SANTA CLARA, Calif. — Intel CEO Pat Gelsinger has retired, with David Zinsner and Michelle Johnston Holthaus named as interim Co-CEOs.

Gelsinger, with a career spanning over 40 years, has announced his departure from Intel and has also resigned from the company’s board. He first joined Intel in 1979 and served as its inaugural chief technology officer before returning as the chief executive in 2021.

Intel said Monday that it will conduct a search for a new CEO.

Zinsner holds the position of executive vice president and chief financial officer at Intel. Meanwhile, Holthaus has been named as the CEO of Intel Products, overseeing divisions such as the client computing group, data center and AI group, as well as the Network and Edge Group.

Frank Yeary, independent chair of Intel’s board, will become interim executive chair.

In a statement, Yeary highlighted Gelsinger’s significant contributions to Intel, stating, “Pat’s early years at Intel were formative, and his return in 2021 was instrumental for the company. As a leader, Pat played a key role in advancing process manufacturing through cutting-edge semiconductor technology investments and driving innovation across the organization.”

Last week it was revealed that the Biden administration plans on reducing part of Intel’s $8.5 billion in federal funding for computer chip plants around the country, according to three people familiar with the grant who spoke on the condition of anonymity to discuss private conversations.