David Zinsner and Michelle Johnston Holthaus were named interim co-leaders after the boomerang executive, who returned to the company in 2021, left the top job.

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.

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.

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

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,

Intel Corp.’s search for a new chief executive officer will focus heavily on outsiders, with the chipmaker considering candidates such as Marvell Technology Inc. head Matt Murphy and former Cadence Design Systems Inc.