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.

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

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.

Shares of Intel jumped nearly 6% Monday after the struggling chip maker's CEO stepped down. More Videos. First Lady Dr. Jill Biden unveils White House’s holiday decorations

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.

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.

(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.

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 is in a shake-up. Its next leaders will have to take on the challenges of catching up in the AI race and navigating Donald Trump.