Intel’s CEO Pat Gelsinger announces his retirement

Intel’s CEO Pat Gelsinger has announced his retirement from the company effective December 1 and has also stepped down from the company’s board of directors. Intel has named CFO David Zinsner and Intel Products CEO Michelle (MJ) Johnston Holthaus, as interim co-CEOs until Gelsinger’s replacement is appointed.

In a statement, Gelsinger said: “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."

He added: "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.”