Intel CEO Pat Gelsinger announces immediate retirement; 2 interim co-CEOs named

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

Gelsinger, whose career has spanned more than 40 years, also stepped down from the company's board. He started at Intel in 1979 at Intel and was its first chief technology officer. He returned to Intel as chief executive in 2021.

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

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 computing group, data center and AI group and etwork and Edge Group.

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

"Pat spent his formative years at Intel, then returned at a critical time for the company in 2021," Yeary said in a statement. "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."

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.