Intel CEO announces retirement amid layoffs [Video]

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, who also stepped down from the company’s board.

The departure of Gelsinger, whose career spanned more than 40 years, underscores the turmoil at Intel. The company was once a dominant force in the semiconductor industry but has been eclipsed by rival Nvidia, which has cornered the market for chips that run artificial intelligence systems.

Gelsinger started at Intel in 1979 and was its first chief technology officer. He returned to the company as chief executive in 2021.

Gelsinger said his exit was “bittersweet as this company has been my life for the bulk of my working career,” he said in a statement. “I can look back with pride at all that we …