Intel’s chief executive officer, Pat Gelsinger, stepped down after nearly four years leading the semiconductor company, Intel announced Monday, a surprise leadership change as the chipmaker has struggled in recent months.

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.

(Reuters) -Chipmaker Intel said on Monday CEO Pat Gelsinger retired from the chipmaker, effective Dec. 1. The company named CFO David Zinsner and senior executive Michelle Johnston Holthaus as interim co-chief executive officers while its board conducted a search for a new CEO.

Intel's CEO Pat Gelsinger announced his retirement effective on Sunday after a 40-year career and has been replaced by two company insiders.

Intel Corp. Chief Executive Officer Pat Gelsinger, who was hired in 2021 to lead an ambitious turnaround of the iconic chipmaker, will leave the job after the comeback sputtered and the company fell further behind rivals.

Intel's CEO is stepping down as the stalwart American chipmaker has struggled to keep pace with the artificial intelligence revolution. The company announced that Pat Gelsinger, who'd led Intel since 2021 and logged more than 30 years in various positions with the chipmaker,

In the interim, the US chip giant will be led by CFO David Zisner and Michelle Johnston Holthaus, the head of Intel products.