Intel CEO Pat Gelsinger has retired, with David Zinsner and Michelle Johnston Holthaus named as interim Co-CEOs.
Gelsinger, whose career has spanned more than 40 years, also stepped down from the company鈥檚 board. He started at Intel in 1979 at Intel and was its first chief technology officer. He returned to Intel as chief executive in 2021.
Intel said Monday that it will conduct a search for a new CEO.
Zinsner is executive vice president and chief financial officer at Intel. Holthaus was appointed to the newly created position of CEO of Intel Products, which includes the client computing group, data center and AI group and etwork and Edge Group.
Frank Yeary, independent chair of Intel鈥檚 board, will become interim executive chair.
鈥淧at spent his formative years at Intel, then returned at a critical time for the company in 2021,鈥� Yeary said in a statement. 鈥淎s a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company.鈥�
Last week it was revealed that the Biden administration plans on reducing part of Intel鈥檚 $8.5 billion in federal funding for computer chip plants in New Albany and three other states, according to three people familiar with the grant who spoke on the condition of anonymity to discuss private conversations.
The changes to Intel鈥檚 funding are not related to the company鈥檚 financial record or milestones, the people familiar with the grant told The Associated Press. In August, the chipmaker announced that it would cut 15% of its workforce 鈥� about 15,000 jobs 鈥� in an attempt to turn its business around to compete with more successful rivals like Nvidia and AMD.
Two years ago, President Biden hailed Intel as a job creator with its plans to open a new plant near New Albany. The president praised the company for plans to 鈥渂uild a workforce of the future鈥� for the $20 billion project, which he said would generate 7,000 construction jobs and 3,000 full-time jobs set to pay an average of $135,000 a year.
Unlike some of its rivals, Intel manufactures chips in addition to designing them.
Shares of the Santa Clara, California, company, jumped more than 4% in premarket trading.
