Intel stock dropped 6% on Tuesday as investors reacted to the CEO's departure. Wall Street analysts say there's more uncertainty ahead for the chip maker.

Pat has suddenly departed - which is not really a big surprise, given the year Intel's had - and Zinsner plus Holthaus are temporary co-CEOs.

Over the weekend, Intel announced the retirement of its CEO Pat Gelsinger who has been in the role since February 2021.

Intel CEO Pat Gelsinger has unexpectedly retired as the chipmaker attempts to bounce back from financial struggles and execute on his ambitious comeback plan.

(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 is in a shake-up. Its next leaders will have to take on the challenges of catching up in the AI race and navigating Donald Trump.

Intel announced Monday that CEO Pat Gelsinger had retired from the company effective Dec. 1. Intel CFO David Zinsner and Intel products CEO MJ Holthaus were named interim co-CEOs. Frank Yeary will serve as interim executive chair.

Intel Corp.’s ousted Chief Executive Officer Pat Gelsinger, who was forced out after the board lost confidence in his plans to turn around the iconic chipmaker, is set to receive as much as $10 million in severance pay.

It’s been a quiet few news days as everyone seemingly parses deals from Black Friday through to Cyber Monday. But there’s always time for a shock announcement: Pat Gelsinger is retiring after over 40 years at the company and close to four years at the chip manufacturer’s helm.

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,