Intel Stock Rises After Company Says CEO Retires

Chip giant Intel (INTC) will get a new CEO.

The company on Monday said Pat Gelsinger has stepped down, effective yesterday, with Intel naming two interim leaders and starting its search for a permanent replacement. The stock was recently up about 4% in premarket trading.

Intel said it named David Zinsner, its CFO, and Michelle “MJ” Johnston Holthaus, who has been given the new title of Intel Products CEO, its co-CEOs on an interim basis.

Intel has already formed a search committee to find a permanent replacement, the company said.

Its shares are down roughly 50% this year.