Intel Appoints New CEO as Pat Gelsinger Steps Down

Intel Corporation has announced the appointment of Lip-Bu Tan as its new Chief Executive Officer, succeeding Pat Gelsinger, who retired after more than 40 years with the company.

The announcement caused Intel's stock to jump over 10% in after-hours trading on Wall Street.

Tan will officially assume the role on March 18, replacing interim co-CEOs David Zinsner and Michelle Johnston Holthaus, who temporarily led the company following Gelsinger's retirement three months ago.

According to Intel's statement, Zinsner will continue as Executive Vice President and Chief Financial Officer, while Holthaus will retain her position as Executive Vice President and General Manager of Intel's Product Division.

Frank Yeary, who served as interim Chair during the CEO search process, will return to his previous role as Independent Chair of the Board once Tan takes office.

With over 20 years of experience in the semiconductor and software industries, Tan brings extensive knowledge and strong connections within Intel's ecosystem. He previously served on Intel's board before stepping down in August 2024.

This leadership change is expected to accelerate Intel's strategy to regain its dominance in the global chip manufacturing industry and compete with giants like NVIDIA and AMD