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, had retired from the company effective Sunday.

(Reuters) -Chipmaker Intel said on Monday CEO Pat Gelsinger retired from the chipmaker, effective Dec. 1. The company named CFO David Zinsner and senior executive Michelle Johnston Holthaus as interim co-chief executive officers while its board conducted a search for a new CEO.

Intel's share price has almost halved this year but jumped 3% at the market open Monday after Pat Gelsinger's retirement was announced.

Intel's CEO Pat Gelsinger announced his retirement effective on Sunday after a 40-year career and has been replaced by two company insiders.

In the interim, the US chip giant will be led by CFO David Zisner and Michelle Johnston Holthaus, the head of Intel products.

Intel CEO Pat Gelsinger announces immediate retirement, company names 2 interim co-CEOs to lead the chipmaker.