CFO David Zinsner will step in as interim co-CEO as Intel races to regain lost ground in the GenAI race after reporting a record loss of $16.6 billion for its most recent quarter.

Gelsinger spent most of his career at Intel, rising to chief technology officer before leaving to run VMWare in 2012 and then returning as CEO in 2021. He was generally well respected by Wall Street and industry insiders, but on his watch, the stock underperformed the market as Intel lost ground in the AI race to Nvidia.

Corporate governance changes are usually far afield from my coverage area, but Gelsinger’s descension merits an exception.

Intel Corp. announced that CEO Pat Gelsinger has retired from the company and stepped down from the board of directors, effective Dec. 1, 2024.

David Zinsner and Michelle Johnston Holthaus were named interim co-leaders after the boomerang executive, who returned to the company in 2021, left the top job.

Zinsner is executive vice president and chief financial officer at Intel. Holthaus was appointed to the newly created position of CEO of Intel Products, which includes the client

It’s been a quiet few news days as everyone seemingly parses deals from Black Friday through to Cyber Monday. But there’s always time for a shock announcement: Pat Gelsinger is retiring after over 40 years at the company and close to four years at the chip manufacturer’s helm.

Intel Chief Executive Pat Gelsinger retired abruptly, ending a nearly four-year run that saw the chip maker fall behind rivals in building semiconductors to power the artificial-intelligence boom. The company on Monday said it named Chief Financial Officer David Zinsner and Michelle Johnston Holthaus,