Pat Gelsinger speaks during the Computex conference in Taipei, Taiwan, on June 4, 2024. Annabelle ChihBloomberg/Getty ImagesBy MICHELLE CHAPMAN / APDecember 2, 2024 9:30 AM ESTIntel CEO Pat Gelsinger has retired, with David Zinsner and Michelle Johnston Holthaus named as interim co-CEOs.Gelsinger, whose career has spanned more than 40 years, also stepped down from the company's board. He started at Intel in 1979 at Intel and was its first chief technology officer. He returned to Intel as chief executive in 2021.Intel said Monday that it will conduct a search for a new CEO.Read More: Intels CEO on Turning Skeptics Into BelieversZinsner 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 computing group, data center and AI group and etwork and Edge Group.Frank Yeary, independent chair of Intel's board, will become interim executive chair.Pat spent his formative years at Intel, then returned at a critical time for the company in 2021, Yeary said in a statement. "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.Last week it was revealed that the Biden administration plans on reducing part of Intels $8.5 billion in federal funding for computer chip plants around the country, according to three people familiar with the grant who spoke on the condition of anonymity to discuss private conversations.The reduction is largely a byproduct of the $3 billion that Intel is also receiving to provide computer chips to the military. President Joe Biden announced the agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans in March.The changes to Intels funding are not related to the companys financial record or milestones, the people familiar with the grant told The Associated Press. In August, the chipmaker announced that it would cut 15% of its workforce about 15,000 jobs in an attempt to turn its business around to compete with more successful rivals like Nvidia and AMD.Unlike some of its rivals, Intel manufactures chips in addition to designing them.Shares of the Santa Clara, California, company, jumped more than 4% in premarket trading.More Must-Reads from TIMEWhere Trump 2.0 Will Differ From 1.0How Elon Musk Became a KingmakerThe PowerAnd Limitsof Peer SupportThe 100 Must-Read Books of 2024Column: If Optimism Feels Ridiculous Now, Try HopeThe Future of Climate Action Is Trade PolicyFXs Say NothingIs the Must-Watch Political Thriller of 2024Merle Bombardieri Is Helping People Make the Baby DecisionContact us at letters@time.com