Frank Yeary, the board’s independent chair, will serve as interim executive chair during this transition. Yeary said they will shortlist the next CEO based on their ability to improve product leadership and restore investor confidence.
“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 … Ultimately, returning to process leadership is central to product leadership, and we will remain focused on that mission while driving greater efficiency and improved profitability,” Yeary said in a post on Intel’s official website.
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 centre and AI group and network and Edge Group.
Zinsner brings over 25 years of experience in semiconductors and manufacturing, while Holthaus has nearly three decades at Intel, previously leading the Client Computing Group.
Shares of the chipmaker jumped more than 4% in premarket trading.
— With inputs from AP
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