Beleaguered Intel on Monday announced that CEO Pat Gelsinger retired from the company after a 40-plus-year career and has stepped down from the board of directors, effective December 1, 2024.
Beleaguered Intel has named two senior leaders, David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-chief executive officers while the board of directors conducts a search for a new CEO. Zinsner is executive vice president and chief financial officer, and Holthaus has been appointed to the newly created position of CEO of Intel Products, a group that encompasses the company’s Client Computing Group (CCG), Data Center and AI Group (DCAI) and Network and Edge Group (NEX). Frank Yeary, independent chair of the board of Intel, will become interim executive chair during the period of transition. Intel Foundry leadership structure remains unchanged.
Beleaguered Intel’s board has formed a search committee and will work diligently and expeditiously to find a permanent successor to Gelsinger.
MacDailyNews Take: As we wrote way back in May 2013:
[Intel’s decision to pass on Apple’s iPhone] has to be close to the top of the list of Biggest Business Mistakes in History.
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Wasn’t “Beleaguered” a service mark of Apple’s?
Pat Gelsinger realized early on how far Intel was behind the competition. He knew significant investments were going to be required to save the company from becoming an afterthought. Unfortunately, Intel’s board of directors still thinks that Intel is an industry leader. They want profits and prestige right now.
Intel’s board is simply deluded. I happen to know several recent engineering graduates. None of them wanted to work at Intel. Most felt that Intel was about four years behind the competition. Young engineering graduates in my opinion have their fingers on the pulse of technology far better than do company directors.
The Intel story is easy to mock, but the important reality is sad. The US needs chip development that can–at least– equal what happens in Asia. Intel should be/could be such a player. MS seems to have emerged in other areas beyond bloat…hopefully Intel can find its way out of its similar palace-thinking.