CEO of Intel, Patrick P. Gelsinger, announced his retirement on Monday, effective December 1, 2024. He will leave the company’s board of directors and his executive position after more than 40 years of dedication. The retirement of the former CEO followed a difficult time that has had a major impact on Intel’s market position and customer trust. “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,” he stated.
Challenges and Decisions Leading to His Departure
Although Gelsinger’s time as CEO was defined by ambitious aspirations to turn Intel around, the company has continued to struggle. In a meeting last week, the Intel board reportedly told Gelsinger that they were worried about his plans to bring the firm around because they were too expensive and ineffective. As a result, Gelsinger decided to resign from his position as CEO. Additionally, while the company searches for a permanent replacement, Gelsinger will transfer management of the business to two Intel executives, David Zinsner and Michelle Johnston Holthaus.
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Gelsinger’s Farewell Message
In his farewell message, Gelsinger shared his gratefulness for his career at Intel. He wrote, “Leading Intel Corporation has been the honour of my lifetime. I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family, and can look back with pride at all that we have accomplished together. Thank you all!”
Patrick Gelsinger’s retirement marks the end of an era for Intel, following a challenging period for the company. While his ambitious efforts to revive Intel faced obstacles, his leadership over the years has left a lasting impact.
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