Intel CEO Pat Gelsinger has stepped down and David Zinsner and Michelle Johnston Holthaus have been named interim co-CEOs.
Mr. Gelsinger, whose career spanned more than 40 years, also resigned from the company’s board of directors. He joined Intel in 1979 and served as its first chief technology officer. He returned to Intel as CEO in 2021.
Intel announced Monday that it will conduct a search for a new CEO.
Zinsner is Intel’s executive vice president and chief financial officer. Mr. Holthaus has been appointed to the newly created CEO position of Intel Products, which includes the Client Computing Group, Data Center, AI Group, and Network and Edge Group.
Frank Yeary, independent chairman of Intel’s board of directors, will serve as interim executive chairman.
“Pat spent his formative years at Intel and returns in 2021 at a critical time for the company,” Yeary said in a statement. “As a leader, Pat has helped ramp up and revitalize process manufacturing by investing in cutting-edge semiconductor manufacturing while working tirelessly to drive innovation across the company.”
Last week it was revealed that Biden administration Intel plans to cut some of its $8.5 billion in federal funding for computer chip factories across the country, according to three people familiar with the grants who spoke on condition of anonymity to discuss private conversations. .
The cut is largely a byproduct of the $3 billion Intel receives to provide computer chips to the military. president joe biden announced a contract to provide intel Up to $8.5 billion in direct funding and $11 billion in loans are planned for March.
Intel’s funding changes are unrelated to the company’s financial performance or milestones, people familiar with the grant told The Associated Press. In August, the chipmaker announced it would cut 15% of its workforce, or about 15,000 jobs, in an attempt to rebuild its business to compete with more successful rivals like Nvidia and AMD.
Unlike some rivals, Intel also manufactures chips in addition to designing them.
Shares of the Santa Clara, Calif., company rose more than 4% in premarket trading.
