Intel’s longtime CEO Pat Gelsinger is stepping down, the company said in a statement Monday.
Gelsinger leaves the chipmaker with immediate effect, vacating his role both as CEO and as a member of the board.
Two senior Intel executives, David Zinsner and Michelle Johnston Holthaus, will take interim charge during the search for a new CEO.
Frank Yeary, Intel’s chairman, thanked Gelsinger but said the company needed to restore investor confidence.
“While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence,” Yeary said.
Intel stock has almost halved this year, but rose 6% in premarket trading on Monday.
This is a developing story.