Gelsinger for his part has taken drastic action to get Intel's finances under control, having previously announced plans to lay off more than 15,000 staff — or about 15 percent of its workforce — by the end of the year, cut capital expenditures by 20 percent, and end quarterly dividends beginning in the fourth quarter.

Intel has announced that CEO Pat Gelsinger is retiring. David Zinsner and Michelle Johnston Holthaus have been named interim Co-CEOs

Gelsinger’s departure caps a challenging period for Intel, which has fallen behind competitors like Nvidia. After a largely disappointing year for Intel, the company’s stock has seen a modest jump this morning in the wake of an announcement that CEO Pat Gelsinger is retiring—effective immediately.