And now its CFO is tasked with helping to keep the company afloat. David Zinsner, EVP and CFO, and Michelle (MJ) Johnston Holthaus, CEO of Intel Products, will serve as interim co-chief executive officers while the board of directors searches for a new CEO.

Gelsinger spent most of his career at Intel, rising to chief technology officer before leaving to run VMWare in 2012 and then returning as CEO in 2021. He was generally well respected by Wall Street and industry insiders, but on his watch, the stock underperformed the market as Intel lost ground in the AI race to Nvidia.

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

Shake up in Silicon Valley. Intel CEO Pat Gelsinger announces immediate retirement with the company naming two interim co-CEOs to lead the chipmaker. He started at Intel in 1979 and was its first chief technology officer.

Zinsner is executive vice president and chief financial officer at Intel. Holthaus was appointed to the newly created position of CEO of Intel Products, which includes the client

Intel on Monday announced the retirement of chief executive Pat Gelsinger. The move, which was effective Sunday, comes as the U.S. chipmaker struggles to keep up in the hypercompetitive semiconductor market and as its stock price has tumbled.

On Monday, Intel announced that its CEO Pat Gelsinger was stepping down from his post after more than three years.

The chipmaker is considering at least two people outside the company to replace former CEO Pat Gelsinger, who abruptly retired on Sunday.

Intel Corp.’s search for a new chief executive officer will focus heavily on outsiders, with the chipmaker considering candidates such as Marvell Technology Inc. head Matt Murphy and former Cadence Design Systems Inc.