Intel Corp.’s search for a new chief executive officer will focus heavily on outsiders, with the chipmaker considering candidates such as Marvell Technology Inc. head Matt Murphy and former Cadence Design Systems Inc.

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's CEO exit reignites discussions on splitting off factories, with questions about financial recovery and CHIPS Act funding.

It’s been a quiet few news days as everyone seemingly parses deals from Black Friday through to Cyber Monday. But there’s always time for a shock announcement: Pat Gelsinger is retiring after over 40 years at the company and close to four years at the chip manufacturer’s helm.