Intel has started shortlisting a handful of candidates, including former board member Lip-Bu Tan, for the role of chief executive after the struggling American chipmaker ousted company veteran Pat Gelsinger,

The deliberations on the CEO succession are at an early stage, the sources said, cautioning that Intel has not yet zeroed in on any candidate to replace Gelsinger who stepped down from his role on Monday after being given the choice to retire or be removed.

The move to replace Gelsinger - who took charge of Intel less than four years ago - came after the board decided that the pace of his costly plan to turn around Intel's fortunes was not quick enough.

Intel has started shortlisting a handful of candidates, including a former board member, to be its next chief executive.

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.