As Intel‘s market share continues to shrink, Pat Gelsinger, CEO of the American chipmaker, has retired and stepped down from the company’s board of directors.
The company will replace him with CFO David Zinsner and general manager Michelle (MJ) Johnston Holthaus, who will act as interim co-CEOs while Intel’s board seeks a new CEO, the firm said in a Monday statement.
Gelsinger became Intel’s CEO in February 2021 while Intel was struggling against the competition.
Gelsinger failed to recover the company’s onetime market dominance, losing ground to other tech giants, especially with the rise of artificial intelligence (AI) and the development of increasingly more powerful smartphone chips.
Intel’s stock has fallen 61% since Gelsinger took over but after reports of his retirement, it rose 3%.