The resignation is effective as of December 1, 2024. Intel is currently looking for a new CEO, and in the meantime, it has appointed David Zinser – Intel CFO and Michelle Johnston Holthaus – CEO of Intel Products as interim co-chief executive officers.

That’s the company’s story line for public consumption, at least. But if you buy that, you’re not paying attention.

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.

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

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.

Intel stock dropped 6% on Tuesday as investors reacted to the CEO's departure. Wall Street analysts say there's more uncertainty ahead for the chip maker.