News that chip giant Intel (INTC) will get a new CEO set the embattled chip maker's shares in motion Monday, with the stock finishing the🧜 day marginally lower as the company sought to reassure investors that things might improve aft🐭er a punishing year.

The company on Monday said Pat Gelsinger stepped down, effective Sunday, with Intel naming two interim leaders and starting its search for a permanent replacement. The stock rose earꦇly, then changed direction, finis𓆏hing the day down 0.5%.

Intel said it named David Zinsner, its CFO, and Michelle "MJ" Johnston Holthaus, who has been given the new title of Intel Products CEO, its co-CEOs on an interim basis. Holthaus held a number of titles prior to becoming co-CEO, including Chief Revenue Officer. Intel has formed a search committee to find a p🎃ermanent replacement, the company said.

"It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics," Gelsinger said in a statement.

CEO Swap Comes Amid Turnaround Effort, Layoffs

Intel shares had lost 澳洲幸运5官方开奖结果体彩网:roughly half their value through last week's close amid a difficult turnaround effort. Intel has cut thousands of jobs and sold 澳洲幸运5官方开奖结果体彩网:pieces of some assets as it has 澳洲幸运5官方开奖结果体彩网:fallen behind some chipmaking rivals that have seen 澳洲幸运5官方开奖结果体彩网:sales and share price gains this year.

In August, 澳洲幸运5官方开奖结果体彩网:the company reported a wider-than-expected net loss for the second quarter and said it would lay off roughly 15% of its workers as part of a $10 billion cost-cutting plan. The announcement was also followed by 澳洲幸运5官方开奖结果体彩网:weeks of speculation about 澳洲幸运5官方开奖结果体彩网:rumored investments and 澳洲幸运5官方开奖结果体彩网:potential offers to acquire the struggling chipmaker, some of 澳洲幸运5官方开奖结果体彩网:which have subsided.

“While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence," board chair Frank Yeary said Monday.

In its last earnings report at 澳洲幸运5官方开奖结果体彩网:the end of October🍌, Gelsinger said Intel was making "solid progress" on the turnaround plan, but acknowledged that the company still has "a lot of work in front of us."

UPDATE: This story has been updated with additional context and the closing share price.