• Intel on the hunt for its eighth CEO now that Pat Gelsinger is retiring.
• Gelsinger has been at Intel since 1979 but only served as CEO for three years.
• David Zinsner and Michelle Johnston Holthaus will serve as interim CEOs while a replacement is found.

Over its 49 year history, Intel has had just seven chief executive officers and it’s about to select its eighth as Pat Gelsinger is no longer with the company as of 1st December. On Monday, Intel announced that the man who joined its ranks just three years ago, would be retiring effective immediately. This means Gelsinger will no longer be the CEO or serve on the board of directors.

Despite his short tenure as CEO, Gelsinger has worked in the technology company since 1979. One could argue that this is reason enough to retire, but it doesn’t explain why Gelsinger is leaving Intel so suddenly. His statement doesn’t offer much in the way of an explanation either.

“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. 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,” said Gelsinger.

While mention of the year being tough does hint that Intel may be on rocky ground, that’s pure speculation on our part. However, that speculation is based on the fact that revenue for Q3 was down 6 percent compared to Q3 2023 and the company reported a net loss of $16.99 billion. Gelsinger was also overseeing a restructuring drive at Intel which saw the workforce reduced by 16 500 employees.

There is still a year left in that plan, but it’s unclear if it will move forward in the same manner given the CEO’s departure.

The company, like most, has been hoping to capitalise on the artificial intelligence boom in the same way NVIDIA did. However, while Intel’s CPUs have generally been the tech sector’s bread and butter, the fact of the matter is that GPUs are now the king. Intel’s 13th and 14th Gen CPUs have also been found to be dying of late causing PCs to crash or the CPU to die altogether.

While Intel’s search committee finds a replacement the company says that David Zinsner and Michelle Johnston Holthaus will serve as interim co-CEOs. Replacing Gelsinger on the board of directors will be Frank Yeary.

“With Dave and MJ’s leadership, we will continue to act with urgency on our priorities: simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities while optimizing our operating expenses and capital. We are working to create a leaner, simpler, more agile Intel,” Yeary said in a statement.

With more than 25 years of financial and semiconductor experience, Zinser is well placed to lead Intel in the interim. Holthaus has been at Intel for three decades and is currently the CEO of Intel Products. For investors then, the company is in good hands while a replacement is found.

“We are grateful for Pat’s commitment to Intel over these many years as well as his leadership. We will redouble our commitment to Intel Products and meeting customer needs. With our product and process leadership progressing, we will be focused on driving returns on foundry investments,” the co-CEOs said.

Intel is expected to unveil its next generation of discrete GPUs later today.