Intel CEO Pat Gelsinger retires as chipmaker struggles

Intel Corp. on Monday announced that CEO Pat Gelsinger has retired after decades of serving in engineering and executive roles at one of the world's largest semiconductor chip manufacturers.

Gelsinger stepped down as CEO and from the board of directors on Sunday, the company said. Two senior leaders, David Zinsner and Michelle Johnston Holthaus, will serve as interim co-chief executive officers while the board conducts a search for a new CEO.

Frank Yeary, independent chair of Intel's board, will become interim executive chair during the period of transition.

Shares of the chipmaker rose in premarket trading following the announcement.

This is a developing story. Check back for updates.