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 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 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.

Key Takeaways Intel shares rose Monday following the announcement that CEO Pat Gelsinger has retired, effective yesterday.The chipmaker announced a pair of interim co-CEOs as its search for a permanent replacement is underway.

Pat Gelsinger spent most of his career at Intel, then came back in 2021 to turn the company around. Now he says he’s retiring, effective immediately.