Intel, once a leader in the semiconductor industry, is facing a major shakeup after CEO Pat Gelsinger stepped down on December 1, less than four years at the helm.
His plan to regain Intel's top spot in making the fastest and smallest computer chips is still in the works.
The chips have become a competitive advantage for rivals like Nvidia, which uses Taiwan Semiconductor Manufacturing Company (TSMC) for production.
Under Gelsinger's leadership, Intel has been working hard to bring manufacturing back to its factories and rebuild its reputation.
While progress has been made, there is still a long way to go.
The company plans to release its first laptop chip next year, which will be a major test of its manufacturing capabilities.
Meanwhile, Intel's board has named CFO David Zinsner and Senior Executive Michelle Johnston Holthaus as interim CEOs.
They will be responsible for overseeing operations while the board searches for Gelsinger's successor.
Investors reacted mixedly, with Intel shares up nearly 5% in premarket trading, but the company's value has fallen significantly this year.
Intel was recently replaced by Nvidia on the Dow Jones Industrial Average.
