Intel (INTC) announced Monday that chief executive officer Pat Gelsinger is retiring from the company and has stepped down from its board of directors.

Intel’s chief executive officer retired effective immediately, the legacy Silicon Valley stalwart announced Monday, a shakeup that follows an extended period of stock market underperformance for the semiconductor chipmaker. Intel’s CEO Pat Gelsinger retired effective immediately Sunday.

Intel said Pat Gelsinger has retired and stepped down from the company’s board of directors.