Intels Pat Gelsinger Steps Down as Chief Executive

Pat Gelsinger, Intel’s chief executive officer, stepped down after nearly four years leading the semiconductor company, Intel announced Monday, a surprise leadership change as the company has struggled in recent months.Mr.Gelsinger, who took the helm of the chipmaker in 2021, will be replaced in the interim by two Intel executives, David Zinsner and Michelle Johnston Holthaus.

The company appointed a board member, Frank Yeary, to serve as the company’s interim executive chair, and it said it would continue its search for permanent replacements.Shares of Intel rose about 5 percent in premarket trading after the company announced Mr.Gelsinger’s retirement.

A loss in market share and struggles in the artificial intelligence market have contributed to a 52 percent slump in the company’s stock price so far this year.The company had faced a number of recent setbacks, including the Biden administration last week saying it would reduce the total amount of money granted to Intel under the CHIPS Act.In October, the company posted a $16.6 billion quarterly loss — its biggest in its 56-year history.This is a developing story.Check back for updates....