Recently announcing his retirement, Intel Corporation CEO Pat Gelsinger, 63, has stepped down from his role at the struggling tech company and its board of directors after a distinguished 40-plus-year career. The move took effect on December 1, 2024, which led to Intel’s stock rise by 3.9% on December 2.
“Today is, of course, bittersweet as this company has been my life for the bulk of my working career,” Gelsinger said. “I can look back with pride at all that we have accomplished together. It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics.”
He has yet to reveal what his future plans are, whether to continue working in the tech industry or fully retire and enjoy a quieter life with his wife, Linda Fortune, and their four children at one of their two homes in California.
An $18 Million California Property Portfolio
Gelsinger and Fortune own a beautiful property close to Intel’s headquarters in Silicon Valley, with records showing the property was purchased back in 2013 for $6.25 million. Just a 30-minute drive from the Intel offices, the home is a six-bedroom, 6.5-bathroom mansion that shows off a wealth of impressive amenities, such as a library, home theater, and wine cellar.
Yet, if retiring from the tech industry and seeking wine, Gelsinger and his wife may likely decide to take up more permanent residence in their stunning Kenwood, CA home, which sits right outside Sonoma in the heart of wine country.
Their Kenwood property is an eight-bedroom, 9.5-bathroom home that boasts plenty of room for Gelsinger, his wife, their four adult children, and their eight grandchildren. With space for everyone, the house even comes complete with its own “party barn,” as well as an underground wine cellar, a pool, a hot tub, and a full-size tennis court.
This home was designed to entertain, with the property also featuring a bocce court, fire pit, and enormous gardens—making it the perfect place for both play and parties.
According to Realtor.com® records, the home was purchased by Gelsinger via a trust for $11.75 million back in 2023, which made it the newest addition to his impressive property portfolio.
The listing described the property as a “heavenly escape.” The home is also equipped with a generator, solar power, and two wells, making it great for anyone who wants to retreat from the pressure and stressors of everyday life.
Gelsinger’s properties are a far cry from his upbringing in rural Pennsylvania, in the town of Robesonia, where he likely would have ended up working as a farmer has his father owned a farm for him to inherit, he told the New York Times in 2022.
Instead of farming, the retired CEO explained in a 2019 interview with the Computer History Museum that he focused on his education, eventually heading to California and studying for a bachelor’s degree while also taking on his first job at Intel, determined to achieve a high level of education due to his parents’ guidance.
“They just pounded into us from early ages: ‘Go to school, go to school, go to school,’” he recalled.
Stepping Down From Intel
Gelsinger began working for Intel back in 1979, spending a large part of his career working out of the tech corporation’s Oregon offices before he moved to rival company EMC in 2009, which he relocated to Massachusetts for.
Yet, Gelsinger returned to Intel in February 2021 as the CEO. He was tasked with overhauling the company and returning it to its former glory—a task the Gelsinger spent four years struggling to complete.
According to CNBC, Intel’s market cap is currently less than half of what it was in 2021 when Gelsinger took over, and its stock has fallen 52% year to date.
Replacing Gelsinger, the Santa Clara, California-based company has appointed CFP David Zinsner and Intel products CEO MJ Holthaus as interim co-CEOS, with Gelsinger conceding in a statement that Intel has had a “challenging year.”
