Intel CEO Pat Gelsinger has stepped down from his position — he held the position since 2021

Gelsinger took over as CEO when the company was already in trouble, but under his leadership, Intel's position only worsened — compared to 2021, the company's capitalization fell by half. High interest in Nvidia also played against Intel in 2024 amid its rapid development in the AI field.

Following the news of Gelsinger's departure, Intel shares rose by 4%.

The company's interim co-CEOs will be its CFO David Zinsner and chief product officer Michelle Holthaus.

Pat Gelsinger has been with Intel since 1979.