Intel CEO Pat Gelsinger is stepping down after more than 40 years with the company. He will also cease to be a part of the board of directors starting December 1, 2024.

The company has temporarily appointed two executives to replace Pat Gelsinger: David Zinsner, who took the position of executive vice president and chief financial officer, and Michelle Johnson Holthouse. She became general manager of Intel Products, bringing together key divisions under her leadership, including Client Computing Group (CCG), Data Center and Artificial Intelligence (DCAI), and Networking Group (NEX).

Intel’s board of directors has established a special committee to search for a new CEO to replace Helsinger. Frank Erie, who currently serves as the independent chairman of the board of directors, was appointed interim executive chairman of the board during the transition period.

“While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence. As a board, we know first and foremost that we must put our product group at the center of all we do. Our customers demand this from us, and we will deliver for them,” Yeary said.

We remind you that over the past two years, Intel has faced serious difficulties. The company laid off 15,000 employees, failed to reach the projected sales of AI chips, and the value of its shares fell by 30% in one day. Although there were some positive aspects, such as receiving $7.9 billion from the US government. But this is not enough to stabilize the situation and bring the company out of the crisis.