Intel Corp. (NASDAQ: INTC) stock is down an additional 5.8% the day after the company announced that Pat Gelsinger was stepping down as chief executive officer (CEO) effective immediately. A pair of interim CEOs will run Intel as the board undertakes an executive search.

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.

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.

Intel announced Monday that CEO Pat Gelsinger had retired from the company effective Dec. 1. Intel CFO David Zinsner and Intel products CEO MJ Holthaus were named interim co-CEOs. Frank Yeary will serve as interim executive chair.

Intel shares fell more than 5% on Tuesday, a day after the chipmaker announced the ouster of CEO Pat Gelsinger.

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.

Explore the challenges, his ambitious vision, and what lies ahead for the tech giant as it seeks to reclaim its edge.

SAN FRANCISCO >> Intel Chief Executive Pat Gelsinger has been forced out less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.

Intel announced Monday that CEO Pat Gelsinger has retired. Two senior executives have been named interim co-CEOs.