The stock in processor manufacturer Intel rises sharply on Wall Street following the announcement that CEO Pat Gelsinger has resigned and left the board.
According to news agency Bloomberg, Gelsinger was forced to resign after the board lost confidence in him.
The search for a new CEO is underway. In the meantime, CFO David Zinsner and Michelle Johnston Holthaus will step in as interim CEOs with shared responsibility.
Frank Yeary, an independent board member, will take over as chairman of the board during the transition period.
Pat Gelsinger has been CEO of Intel since January 2021, and the Intel stock has since lost 55-60 percent of its value.
