Intel CEO CEO Pat Gelsinger has retired, with David Zinsner and Michelle Johnston Holthaus named as interim Co-CEOs.
Gelsinger, whose career has spanned more than 40 years, also stepped down from the company's board.
Intel said Monday that it will conduct a search for a new CEO.
Zinsner is executive vice president and chief financial officer at Intel. Holthaus was appointed to the newly created position of CEO of Intel Products, which includes the client computing group, data center and AI group and etwork and Edge Group.
Frank Yeary, independent chair of Intel's board, will become interim executive chair.
Shares of the chipmaker jumped more than 4% in premarket trading.