Intel has announced the appointment of David Zinsner and Michelle (MJ) Johnston Holthaus as interim co-chief executive officers, following the retirement of CEO Pat Gelsinger.
The leadership transition became effective on December 1, 2024, as Gelsinger stepped down after a career spanning more than 40 years at Intel.
Zinsner, currently serving as executive vice president and chief financial officer, brings over 25 years of experience in finance and operations within the semiconductor and technology sectors.
Holthaus, newly appointed as CEO of Intel Products, will oversee the Client Computing Group, Data Center and AI Group, and Network and Edge Group. This appointment highlights Intel’s focus on centralizing its product strategy.
Frank Yeary, independent chair of Intel’s board of directors, will assume the role of interim executive chair during the transition. A search committee has been established to identify a permanent CEO.
Yeary emphasized the board’s commitment to strengthening Intel’s product portfolio, advancing manufacturing and foundry capabilities, and achieving greater operational efficiency. “Returning to process leadership remains central to our mission as we deliver for our customers and restore investor confidence,” Yeary stated.
Gelsinger, who rejoined Intel as CEO in 2021 during a critical period, said, “It has been an honor to lead Intel and to work alongside some of the brightest minds in the industry.”
Gelsinger’s tenure as Intel’s CEO, lasting just under four years, was marked by bold ambitions and significant challenges, Reuters said.
Returning to Intel in 2021, Gelsinger initiated a transformative plan aimed at restoring the company’s leadership in semiconductor manufacturing and advancing its position as a key player in the global chip industry.
Gelsinger’s strategy centered on regaining Intel’s edge in producing the smallest and fastest computer chips, a crown lost to Taiwan Semiconductor Manufacturing Co. (TSMC). His efforts included heavy investments in manufacturing and the development of advanced process technologies.
Further, Gelsinger launched a $20 billion initiative to construct new chip factories in Ohio and expanded Intel’s workforce to its largest size ever, reflecting a commitment to long-term growth.
Another significant pivot was Intel’s entry into contract manufacturing, or “foundry” services, aimed at diversifying revenue streams and competing with established players like TSMC. However, tangible progress in securing large-scale customers remained elusive.
Gelsinger’s tenure coincided with a sharp post-pandemic decline in PC and laptop demand, leading to depressed gross margins and a significant drop in Intel’s stock value, which lost more than 60 percent during his time as CEO. These financial pressures resulted in layoffs and asset divestitures.
During this period, Intel struggled to field a competitive AI chip to challenge Nvidia, which emerged as a leader in powering advanced AI systems and saw its market value soar.
Gelsinger also faced criticism from investors and even disagreements within the board over his strategic direction, leading to the departure of a key board member.
Despite these challenges, Gelsinger secured significant subsidies from the U.S. government to support Intel’s turnaround efforts and maintained confidence in the company’s long-term manufacturing roadmap. While he leaves with some initiatives still in progress, his legacy reflects a period of ambitious rebuilding amid turbulent market conditions.
The leadership transition now comes as Intel focuses on regaining manufacturing competitiveness, simplifying its operations, and driving profitability. Both Zinsner and Holthaus affirmed their commitment to Intel’s strategic priorities, including product innovation and optimizing returns on foundry investments.
