Intel (INTC) announced Monday that CEO Pat Gelsinger retired on Sunday, stepping down from his post leading the company and a spot on the company’s board of directors.

Gelsinger joined the company in 2021 from VMware.

During Gelsinger’s tenure, Intel stock has been a laggard during a period in which tech stocks led the market higher and the AI boom catalyzed a new wave of enthusiasm in the space.

Year-to-date, Intel stock is down over 50%; the S&P 500 is up 26%.

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