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.

Gelsinger, CEO since 2021, had a 40-plus-year career at Intel. He was betting the company on 18A, a new chipmaking process hoping it would be a viable alternative to Taiwan Semiconductor Manufacturing Co., (TSMC) the world’s leading contract manufacturer of chips, Fortune ’s Jeremy Kahn recently reported.

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.

Pat has suddenly departed - which is not really a big surprise, given the year Intel's had - and Zinsner plus Holthaus are temporary co-CEOs.

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

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

Computer chip maker Intel announced the retirement of chief executive Pat Gelsinger on Monday, raising new questions about the company’s future even as the United States is set to give it billions of dollars to build up the country’s ability to manufacture chips at home.

Intel may have ousted CEO Pat Gelsinger, but he’s leaving the company with a significant payday. He’s set to receive 18 months of his base annual salary of $1.25 million, according to a filing with the Securities and Exchange Commission.