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 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 retired abruptly, ending a nearly four-year run that saw the chip maker fall behind rivals in building semiconductors to power the artificial-intelligence boom. The company on Monday said it named Chief Financial Officer David Zinsner and Michelle Johnston Holthaus,

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.

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Intel's CEO Pat Gelsinger announced his retirement effective on Sunday after a 40-year career and has been replaced by two company insiders.