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Stock Track | Intel Soars 5% Pre-Market as CEO Pat Gelsinger Announces Retirement

Stock Track12-03

Intel Corporation's stock surged 5.03% in pre-market trading on Monday, following the announcement of CEO Pat Gelsinger's retirement from the company. This leadership change marks a significant development for the chip giant, impacting investor sentiment and market expectations.

According to reports, Intel stated that Gelsinger will be stepping down from his role as CEO, with David Zinsner and Michelle Johnston Holthaus appointed as interim co-CEOs. Holthaus has been named the CEO of Intel Products, while Frank Yeary will serve as the interim Executive Chair. The company's board has formed a search committee to find a permanent successor for Gelsinger.

Gelsinger's retirement comes at a pivotal time for Intel, as the company navigates a highly competitive landscape and faces challenges in maintaining its market dominance. Investors will be closely watching the company's transition to new leadership and its strategic direction moving forward.

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