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Intel CEO Pat Gelsinger is retiring after over 40 years at the company, effective December 1, 2024. Intel has named two senior leaders, David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-chief executive officers while the board of directors conducts a search for a new CEO. Frank Yeary, the independent chair of Intel's board, will become interim executive chair during the transition period. The board is committed to restoring investor confidence and putting Intel's product group at the center of the company's priorities. Zinsner and Holthaus will be focused on driving returns on Intel's foundry investments and meeting customer needs. Gelsinger's tenure at Intel was marked by significant innovation and a focus on advancing the company's business and the broader technology industry. Intel is facing challenges related to the high level of competition, long-term investments in R&D and manufacturing, complex supply chain issues, and evolving cybersecurity and regulatory risks. The company is working to simplify and strengthen its product portfolio, advance its manufacturing and foundry capabilities, and optimize its operating expenses and capital. Intel is making investments in the U.S. and abroad, and is focused on expanding its foundry business and meeting customer demands. The forward-looking statements in the document outline various risks and uncertainties that could impact Intel's future performance, including macroeconomic conditions, geopolitical tensions, supply chain disruptions, and evolving market and regulatory environments.