Intel CEO Pat Gelsinger has abruptly departed the company after what appears to be a decision the board of directors made over the weekend.

Intel CFO David Zinsner and Client Computing Group head Michelle Johnston Holthaus will be sharing the title of interim CEO while the company's board of directors searches for a new CEO. Gelsinger has also stepped down from his seat on the board.

Remember the 486, Intel’s 1989 flagship CPU that was the first x86 chip with over a million transistors? Gelsinger was the lead architect. Later, he became Intel’s first CTO, helping push industry standard technologies like USB and Wi-Fi as well as Intel chip design. Just how bad was it before Gelsinger took the top job?

Intel Corporation CEO Pat Gelsinger's sudden retirement stuns markets, sparking speculation of a rift and potential foundry spin-off. Click for our INTC update.

Intel on Monday announced the retirement of chief executive Pat Gelsinger. The move, which was effective Sunday, comes as the U.S. chipmaker struggles to keep up in the hypercompetitive semiconductor market and as its stock price has tumbled.

(Reuters) -Chipmaker Intel said on Monday CEO Pat Gelsinger retired from the chipmaker, effective Dec. 1. The company named CFO David Zinsner and senior executive Michelle Johnston Holthaus as interim co-chief executive officers while its board conducted a search for a new CEO.

It’s been a quiet few news days as everyone seemingly parses deals from Black Friday through to Cyber Monday. But there’s always time for a shock announcement: Pat Gelsinger is retiring after over 40 years at the company and close to four years at the chip manufacturer’s helm.

The abrupt departure of Intel Corp. Chief Executive Officer Pat Gelsinger offers a fresh opportunity for the troubled company to consider potential deal options, including scenarios that he rejected during his time running the chipmaker.

Intel Chief Executive Pat Gelsinger retired abruptly, ending a nearly four-year run that saw the chip maker fall behind rivals in building semiconductors to power the artificial-intelligence boom. The company on Monday said it named Chief Financial Officer David Zinsner and Michelle Johnston Holthaus,