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Intel | 8-K: Intel Announces Patrick Gelsinger Will Resign

SEC ·  Dec 3, 2024 11:03

Summary by Futu AI

Intel announced the immediate retirement of CEO Pat Gelsinger on December 1, 2024, after his 40-plus-year career with the company. The board appointed David Zinsner, current EVP and CFO, and Michelle Johnston Holthaus as interim Co-CEOs while conducting a search for a permanent successor. Holthaus was also named CEO of Intel Products, overseeing the company's core business groups.Under the separation agreement, Gelsinger will receive 18 months of his $1.25M base salary and 1.5 times his target bonus of 275%, along with a pro-rated 2024 annual bonus. Frank Yeary has been appointed as interim Executive Chair to oversee the CEO search process.The leadership change comes as Intel continues its efforts to regain manufacturing competitiveness and build foundry capabilities. The company emphasized its commitment to strengthening product portfolio, advancing manufacturing capabilities, and optimizing operating expenses while maintaining focus on customer needs and product leadership.
Intel announced the immediate retirement of CEO Pat Gelsinger on December 1, 2024, after his 40-plus-year career with the company. The board appointed David Zinsner, current EVP and CFO, and Michelle Johnston Holthaus as interim Co-CEOs while conducting a search for a permanent successor. Holthaus was also named CEO of Intel Products, overseeing the company's core business groups.Under the separation agreement, Gelsinger will receive 18 months of his $1.25M base salary and 1.5 times his target bonus of 275%, along with a pro-rated 2024 annual bonus. Frank Yeary has been appointed as interim Executive Chair to oversee the CEO search process.The leadership change comes as Intel continues its efforts to regain manufacturing competitiveness and build foundry capabilities. The company emphasized its commitment to strengthening product portfolio, advancing manufacturing capabilities, and optimizing operating expenses while maintaining focus on customer needs and product leadership.

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