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Intel Shares Surge 6% After CEO Pat Gelsinger’s Retirement Announcement

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Intel Ceo Pat Gelsinger Retirement Announcement

Shares of Intel Corporation (INTC) have seen a significant increase, rising by 6% in pre-market trading, following the announcement of CEO Pat Gelsinger’s retirement. Effective December 1, 2024, Gelsinger has stepped down from his role as CEO and also resigned from the company’s board of directors.

The sudden move has prompted Intel to appoint David Zinsner and Michelle Johnston Holthaus as interim Co-Chief Executive Officers. This arrangement will remain in place while the board of directors conducts a thorough search for a new permanent CEO.

Gelsinger’s retirement marks a significant change in leadership for Intel, a company that has been navigating various challenges in the tech industry. The market’s positive reaction to the news suggests investor optimism about the potential for new leadership to drive the company forward.

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