Investing.com -- Intel Corporation announced Monday that CEO Pat Gelsinger has retired from the company, stepping down from his role and the board of directors, effective December 1, 2024.

The news pushed Intel (NASDAQ:INTC) shares over 5% higher in premarket trading.

In the interim, Intel named David Zinsner, its chief financial officer, and Michelle (MJ) Johnston Holthaus, the newly appointed CEO of Intel Products, as co-CEOs.

Frank Yeary, the board's independent chair, will serve as interim executive chair during the leadership transition. A search committee has been established to identify Gelsinger's permanent successor.

"Pat spent his formative years at Intel and returned at a critical time in 2021," said Yeary, adding that he helped "revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company."

Yeary emphasized the importance of prioritizing Intel's product group, ensuring it has the resources necessary to meet customer demands while advancing manufacturing capabilities.

Holthaus will oversee the company's Client Computing, Data Center and AI, and Network and Edge groups.

"With MJ's permanent elevation to CEO of Intel Products along with her interim co-CEO role of Intel, we are ensuring the product group will have the resources needed to deliver for our customers," added Yeary.

Gelsinger described leading Intel as "the honor of my lifetime," noting the company's resilience during a challenging year.

"I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family," he said.

Intel faces ongoing challenges as it seeks to regain manufacturing competitiveness and strengthen investor confidence. Holthaus and Zinsner pledged to focus on process leadership and maximizing returns on Intel's foundry investments.

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