December 4th news, according to Reuters, sources said that after announcing CEO Pat Gelsinger’s retirement, Intel has begun evaluating the interest of several external candidates, including former board member Liwu Chen, for the CEO position. It is reported that discussions about the new CEO candidate are still in the early stages, and no candidates have been determined yet.
Intel recently announced that Executive Vice President and CFO David Zinsner and Michelle Johnston Holthaus will serve as interim co-CEOs, while the company’s board is searching for a new CEO.
As previously reported by IT Home, on Monday (December 2nd), Intel announced that CEO Pat Gelsinger retired on December 1st and resigned from the company’s board of directors. The sudden news of Gelsinger’s retirement caught the market by surprise, but investors seemed to interpret it as a positive signal, with Intel’s stock price briefly rising by about 6% on Monday.
According to insiders, during last week’s board meeting, the conflict between Pat Gelsinger and the board reached an irreparable point. The Intel board felt that Gelsinger had failed to effectively lead the company in catching up with NVIDIA and lacked confidence in his recovery plan. It is said that Frank Yeary was a key driver behind Gelsinger’s departure. As the longest-serving board member at Intel, Frank Yeary now needs to oversee another round of CEO selection.
At 63 years old, Pat had worked at Intel for 33 years. He joined Intel in 1979 as a quality assurance engineer, later rising through the ranks to become the company’s youngest vice president in 1993. In 2001, he was appointed Intel’s first Chief Technology Officer (CTO). He left Intel in 2009 to work at EMC and VMware. In 2021, amid pressure from activist investors to restructure, Pat returned to Intel and took on the role of CEO.
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