Intel announced Monday that CEO Pat Gelsinger has retired, effective December 1, 2024, stepping down from both his executive role and the company’s board of directors after a 40-plus-year career. The 63-year old CEO steps down from the role amid a prolonged period of corporate challenges that have dramatically eroded the company’s market position and investor confidence.
“Leading Intel has been the honor of my lifetime,” Gelsinger said in a statement. “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.”
The semiconductor giant has been battling significant headwinds, with its stock plummeting 52% year-to-date. Gelsinger’s departure follows a series of strategic missteps and market share losses, particularly in core business segments and the critical artificial intelligence market.
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,”Gelsinger reflected in his departure statement.
In August, the company reported disappointing quarterly results that triggered the sharpest stock sell-off in 50 years. Intel simultaneously announced a massive restructuring, including laying off more than 15% of its workforce as part of a $10 billion cost-reduction plan.
The company has explored desperate measures to regain competitiveness, including plans revealed in September to potentially turn its foundry business into an independent subsidiary to enable outside funding options. Just last week, Intel finalized a $7.86 billion government grant to support factory-building plans—a critical lifeline for its manufacturing ambitions.
On his final day, December 1, Gelsinger shared a poignant post on X (formerly Twitter) citing Psalm 9:1: “I will give thanks with my whole heart; I will tell of all your wonderful deeds” — a reflective message that seems to capture his gratitude despite the tumultuous end to his tenure, which is said to be forced by the board as they grew frustrated with his turnaround plan’s progress, giving him two options — to retire or be removed — and he chose to retire, ending his 3-year-long stint as Intel CEO.
“Pat spent his formative years at Intel, then returned at a critical time for the company in 2021,”Frank Yeary independent chair of Intel’s board, who’s taking the role of interim executive chair post Pat’s resignation, said in a statement. “As 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.”
