Intel’s chief executive officer retired effective immediately, the legacy Silicon Valley stalwart announced Monday, a shakeup that follows an extended period of stock market underperformance for the semiconductor chipmaker.

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.

Intel's CEO is stepping down as the stalwart American chipmaker has struggled to keep pace with the artificial intelligence revolution. The company announced that Pat Gelsinger, who'd led Intel since 2021 and logged more than 30 years in various positions with the chipmaker,

Intel CEO Pat Gelsinger has retired, with David Zinsner and Michelle Johnston Holthaus named as interim Co-CEOs. Gelsinger, whose career has spanned more than 40 years, also stepped down from the company's board,

Intel announced that CEO Pat Gelsinger has retired after decades of serving in engineering and executive roles at one of the world's largest semiconductor chip manufacturers.