Intel’s chief executive officer retired effective immediately, the legacy Silicon Valley stalwart announced Monday, a shakeup that follows an extended period of stock market underperformance for the semiconductor chipmaker.

By Stephen Nellis (Reuters) -Intel Chief Executive Pat Gelsinger has stepped down less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.

Intel 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.

Zinsner is executive vice president and chief financial officer at Intel. Holthaus was appointed to the newly created position of CEO of Intel Products, which includes the client

Intel Corp. Chief Executive Officer Pat Gelsinger has retired from the company and stepped down from its board of directors just as the company is in the middle of trying to execute on a turnaround plan.