Intel CEO Pat Gelsinger retires, succeeded by two co-CEOs

Intel unexpectedly announced on Monday that CEO Pat Gelsinger will retire and resign from the board. David Zinsner and Michelle Johnston Holthaus will serve as Intel's interim co-CEOs, with Holthaus also appointed as the newly established Intel Product CEO, while Frank Yeary has been named interim executive chairman. Frank Yeary stated in a statement, "On behalf of the board, I would like to thank Pat for his years of service and dedication to Intel during his long career as a technology leader. Pat spent his formative years at Intel and returned at a critical moment for the company in 2021. As a leader, Pat helped launch and revitalize process manufacturing by investing in cutting-edge semiconductor manufacturing, while tirelessly driving innovation across the company." Following the announcement, Intel's stock rose over 5% in pre-market trading on Monday as of the time of publication