Gelsinger resigns as CEO due to ongoing financial difficulties at Intel...I'm stepping down after four years.

US semiconductor company Intel said CEO Gelsinger resigned on the 1st.

Intel said on Tuesday local time it was appointing Vice President David Zinsner, its chief financial officer, and Michelle Johnston, president of Holthouse, who leads client computing groups, as interim co-CEOs to lead the company until the appointment of its next CEO.

Former CEO Gelsinger joined Intel as an engineer at age 18 and rose to chief technology officer before leaving the company in 2009 and returning as CEO in 2021, but his management woes have escalated due to poor performance during his tenure.

Intel has dominated the semiconductor industry around PC CPU for nearly 50 years since the late 1970s, but it has lagged behind changes such as mobile and artificial intelligence, and has recently lost competitiveness in CPU.

The announcement of Gelsinger's resignation also pushed Intel shares up about 3% at the open on the New York Stock Exchange.