Pat Gelsinger retired and stepped down as Intel’s CEO on Sunday, according to a Dec. 2 press release.

The company named Intel CFO and EVP David Zinsner and Intel Products CEO Michelle Johnston Holthaus as interim co-CEOs while the board of directors searches for Gelsinger’s replacement, according to the release. Frank Yeary, independent chair of Intel’s board, will perform duties as interim executive chair.

“With Dave and MJ’s leadership, we will continue to act with urgency on our priorities: simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities while optimizing our operating expenses and capital,” Yeary said in a statement. “We are working to create a leaner, simpler, more agile Intel.”

Gelsinger had served as Intel’s CEO since February 2021, during which time he led the restructuring of Intel’s manufacturing business, launching an “internal foundry” model meant to save the struggling chipmaker billions of dollars. The troubled unit lost $5.8 billion last quarter.  

Gelsinger initially served as the SVP and general manager of Intel’s digital enterprise group from 1979 to 2009, according to his LinkedIn. He also served as the chipmaker’s first chief technology officer from 2000 to 2005.

“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,” Yeary said in a statement.

Gelsinger’s retirement comes a month after Intel reported a nearly $17 billion net loss in Q3, according to an Oct. 31 investor release. The company is currently implementing a restructuring plan that includes cutting 16,500 employees worldwide, including in California, Arizona, Oregon and Texas.

“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 are committed to restoring investor confidence,” Yeary said in a statement.

Gelsinger’s total compensation in 2023 was about $16.9 million, which included a base salary of $1.1 million,  according to a March securities filing.