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Dec. 2 (UPI) -- Intel CEO Pat Gelsinger announced his retirement effective Sunday after a 40-year career, and has been replaced by two company leaders. Gelsinger, who is also leaving the tech giant's board of directors, started working for Intel in 1979 and served as its first chief technology officer for the company before becoming CEO.
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David Zinsner and Michelle Johnston Holthaus, two senior leaders at Intel, will take on the role of interim co-CEO while the board conducts a search for its next chief executive.
"Leading Intel has been an honor of a lifetime," Gelsinger said in a statement. "This group of people is among the best and the brightest in the business, and I'm honored to call each and every one a colleague. Today is, of course, bittersweet as this company has been my life for the bulk of my working career.
"I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family."
Zinsner had been working as executive vice president and chief financial officer at Intel while Holthaus was serving in the newly created position of CEO of Intel Products.
"As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company, said Frank Yearly, Intel's board chair, who will serve as interim executive chair during the transition.
"While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and we are committed to restoring investor confidence."
Intel's rival Nvidia has been putting heat on the iconic chip company for the past several years, particularly with the emergence of artificial intelligence. Then, Intel saw its biggest stock sell-off in a half-century after a disappointing quarterly report in August.
Intel followed by announcing cost-cutting measures of up to $10 billion topped by a 15% reduction in its workforce.
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