Intel CEO Pat Gelsinger has retired, the struggling chipmaker said Monday in a surprise announcement.Two company executives, David Zinsner and Michelle Johnston Holthaus, will act as interim co-CEOs while the company searches for a replacement for Gelsinger,

Intel's next chief executive officer will have manufacturing expertise as well as experience in the product side of the business, interim co-CEO David Zinsner said on Wednesday.

The longtime Intel employee had a tough mission to restore the company to its past glory, but he oversaw major layoffs and revenue decline.