Intel CEO Pat Gelsinger has retired, the struggling chipmaker said Monday in a surprise announcement. Two company executives, David Zinsner and Michelle Johnston Holthaus, will act as interim co-CEOs while the company searches for a replacement for Gelsinger,

CFO David Zinsner will step in as interim co-CEO as Intel races to regain lost ground in the GenAI race after reporting a record loss of $16.6 billion for its most recent quarter.

When Pat Gelsinger took the helm of Intel (NASDAQ: INTC) in 2021, the hope was that he could be the mastermind who engineered the aging semiconductor titan's long-awaited turnaround. Instead, he will now join the ranks of Intel CEOs who failed to reinvigorate the company and underperformed the stock market along the way.