Intel CEO Pat Gelsinger Steps Down After Decades-Long Career

Intel Corp. has announced that its CEO, Pat Gelsinger, has retired effective December 1. Gelsinger, who started his career at Intel at the age of 18 in 1979, left the company in 2009 to become COO of Dell EMC and CEO of VMware before returning to Intel in 2021 to replace Bob Swan as the tech giant's chief executive.

The company has named CFO David Zinsner and Intel Products chief Michelle Johnston Holthaus as interim co-CEOs while it looks for a permanent successor. "We will redouble our commitment to Intel Products and meeting customer needs. With our product and process leadership progressing, we will be focused on driving returns on foundry investments," Zinsner and Holthaus said.

Intel's shares surged 5.65% in premarket trade after the announcement.