Intel, CEO announces he will retire. The stock runs on Wall Street

Pat Gelsinger, Intel's CEO, is leaving his post after four years at the helm of the processor company, and retiring. The news was released in a brief company note, and in pre-market, Intel's stock immediately surged +5%.

The group said on Monday that Gelsinger will be replaced by David Zinsner and Michelle Johnston Holthaus, who will serve as interim heads until a final appointment is made.

Intel Interim President Frank Yeary commented on the news: "Pat spent his formative years at Intel, only to return at a critical time for the company in 2021. As a leader, Pat helped launch and revitalise process manufacturing by investing in cutting-edge semiconductor manufacturing and working tirelessly to drive innovation across the company."

Gelsinger is the ceo who has led Intel over the past few years, even in the last far from quiet period. In fact, the Californian giant has had to deal with obvious delays in the development of chips for AI. Delays that have led Intel to lose about half its value over the past few months.