Intel CEO Pat Gelsinger has retired and David Zinsner and Michelle Johnston Holthaus have been named interim co-CEOs.

Gelsinger, whose career spanned more than 40 years, also stepped down from the company’s board. He started at Intel in 1979 and was its first chief technology officer. In 2021, he returned to Intel as CEO.

Intel announced Monday that it would search for a new CEO.

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 Computing Group, Data Center and AI Group, and etwork and Edge Group.

Frank Yeary, independent chairman of Intel, will become interim chairman.

“Pat spent his formative years at Intel and 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 across the company.”

Last week, it was revealed that the Biden administration plans to cut some of Intel’s $8.5 billion in federal funding for computer chip factories across the country, according to three people familiar with the grant, speaking on condition of anonymity wanted to discuss private conversations.

The cut is largely a byproduct of the $3 billion Intel also receives to supply computer chips to the military. President Joe Biden announced the agreement in March to provide up to $8.5 billion in direct financing and $11 billion in loans to Intel.

The changes to Intel’s funding are not related to the company’s financial record or milestones, people familiar with the grant told The Associated Press. In August, the chipmaker announced it would cut 15% of its workforce – about 15,000 jobs – as it looks to transform its business and compete with more successful rivals such as Nvidia and AMD.

Unlike some of its competitors, Intel not only makes chips but also designs them.

Shares of the Santa Clara, California-based company rose more than 4% in premarket trading.