Former Intel CEO Pat Gelsinger is in line to receive millions of dollars in severance following his decision to step down from the struggling chipmaker, according to company filings.

Gelsinger spent most of his career at Intel, rising to chief technology officer before leaving to run VMWare in 2012 and then returning as CEO in 2021. He was generally well respected by Wall Street and industry insiders, but on his watch, the stock underperformed the market as Intel lost ground in the AI race to Nvidia.

Pat has suddenly departed - which is not really a big surprise, given the year Intel's had - and Zinsner plus Holthaus are temporary co-CEOs.

Intel CEO Pat Gelsinger has unexpectedly retired as the chipmaker attempts to bounce back from financial struggles and execute on his ambitious comeback plan.

Over the weekend, Intel announced the retirement of its CEO Pat Gelsinger who has been in the role since February 2021.

On Monday, Intel announced that its CEO Pat Gelsinger was stepping down from his post after more than three years.

Computer chip maker Intel announced the retirement of chief executive Pat Gelsinger on Monday, raising new questions about the company’s future even as the United States is set to give it billions of dollars to build up the country’s ability to manufacture chips at home.

Intel announced Monday that CEO Pat Gelsinger had retired from the company effective Dec. 1. Intel CFO David Zinsner and Intel products CEO MJ Holthaus were named interim co-CEOs. Frank Yeary will serve as interim executive chair.

Intel may have ousted CEO Pat Gelsinger, but he’s leaving the company with a significant payday. He’s set to receive 18 months of his base annual salary of $1.25 million, according to a filing with the Securities and Exchange Commission.

Intel stock dropped 6% on Tuesday as investors reacted to the CEO's departure. Wall Street analysts say there's more uncertainty ahead for the chip maker.

When Intel hired Gelsinger in 2021 to revive the chipmaker's fortunes, he received a pay package that would have been worth as much as $206 million if he had met performance targets.