Chief Financial Officer Bob Swan will serve as interim chief executive while the company searches for a replacement.
A leader in data storage, Intel said it has "a robust succession planning process in place" and was looking at both internally and externally for candidates. The company has also retained an executive search firm to help locate candidates.
"The board believes strongly in Intel's strategy and we are confident in Bob Swan's ability to lead the company as we conduct a robust search for our next CEO," said Intel Chairman Andy Bryant.
The company, which has been transitioning to cloud computing-oriented businesses amid a decline in personal computing, projected second-quarter revenue of about $16.9 billion and earnings of 99 cents per share. Both were well above analyst expectations.
"Intel's transformation to a data-centric company is well under way and our team is producing great products, excellent growth and outstanding financial results," Swan said. "I look forward to Intel continuing to win in the marketplace."
Intel's revenues in 2017 were $62.8 billion and it had 102,700 employees at the end of the year.
A Dow member, Intel rose 2.2 percent to $54.64 in pre-market trading.
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