Intel Corp ( INTC ) shares are trading higher Monday after the company announced the retirement of CEO Pat Gelsinger. Here’s a look at what you need to know.

What To Know: Intel ( INTC ) on Monday announced that Gelsinger retired from the company and stepped down from the board of directors, effective as of Dec. 1.

Intel ( INTC ) has named David Zinsner and Michelle Johnston Holthaus as interim co-CEOs while the board conducts a search for a new chief executive. Zinsner is executive vice president and CFO, and Holthaus has been appointed to the newly created position of CEO of Intel Products. Frank Yeary, independent chair of Intel’s board, will become interim executive chair during the transition period.

“With Dave and MJ’s leadership, we will continue to act with urgency on our priorities: simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities while optimizing our operating expenses and capital. We are working to create a leaner, simpler, more agile Intel,” Yeary said.

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The news comes a week after Intel ( INTC ) announced up to $7.86 billion in direct funding for its commercial semiconductor manufacturing projects under the U.S. CHIPS and Science Act.

Zinsner has more than 25 years of financial and operational experience in semiconductors, manufacturing and the technology industry. He joined Intel ( INTC ) in January 2022 from Micron. Holthaus has held a variety of management and leadership roles at Intel ( INTC ) since joining the company nearly three decades ago, including chief revenue officer and general manager of the sales and marketing group.

INTC Price Action: Intel ( INTC ) shares have lost more than half of their value since the start of the year as the company has lagged competitors in the AI space and lost share in some of its core businesses. The stock was up 4.16% to $25.05 in premarket trading on Monday, according to Benzinga Pro.