Intel has announced the retirement of its CEO, Pat Gelsinger, after a distinguished career that lasted over four decades. Following his departure, David Zinsner and Michelle Johnston Holthaus have been appointed as the interim Co-CEOs of the tech giant.

In addition to stepping down as CEO, Gelsinger has also vacated his position on Intel’s board of directors. The company has stated that it will begin the process of searching for a permanent successor to lead the organization.

Currently, Zinsner serves as the executive vice president and chief financial officer, while Holthaus has recently taken on the newly established role of CEO of Intel Products. This division encompasses various key areas, including the client computing group, the data center and artificial intelligence group, and the network and edge group.

In a related development, Frank Yeary, who is serving as the independent chair of Intel’s board, will take on the role of interim executive chair during this transitional phase.

The news of Gelsinger’s retirement and the leadership shift reportedly sparked a positive response in the market, as shares of Intel saw an increase of over 4% in premarket trading.