Intel Corporation has officially announced that the company’s CEO, Pat Gelsinger, will retire after a more than 40-year career, effective December 1, 2024, he will leave the Intel Board of Directors.
Two senior executives, David Zinsner and Michelle Johnston Holthaus, will serve as interim CEO until a permanent candidate is appointed to the position. Zinsner holds the post of executive vice president and chief financial officer of the company, Holthaus heads Intel Product.
Independent Chairman of the Board of Directors of Intel Corporation Frank Yeary thanked Gelsinger for his many years of work, noting that Pat Gelsinger returned to Intel at a critical time for the company in 2021, he helped revive the production process, but the corporation understands that “there is still a lot of work ahead” and Intel will have to restore investor confidence.
Let us remind you that Intel Corporation is in a protracted crisis. Earlier this year, the company announced significant cuts that also affected Israel. And despite the fact that in the third quarter of this year the income received by the company amounted to 13.3-14.3 billion dollars, it is still not possible to get out of the crisis.
Revenues were down 6% from the previous year, and the net loss, one of the main reasons for which was financial reorganization, exceeded $16 billion.