Pat Gelsinger is retiring after over 40 years at the company, and close to four years at the chip manufacturer’s helm. Effective as of December 1, Gelsinger has left both his post and his position on the board of directors. The board has now created a search committee to “diligently and expeditiously” find a new CEO. In the meantime, Michelle Johnston Holthaus, the next CEO of Intel Products, and David Zinsner, executive vice president and CFO, will serve as interim Co-CEOs of the entire company.

While Gelsinger held previous positions at Intel, he had most recently spent a decade-plus in senior positions at EMC and VMWare. In 2021, he returned to Intel to replace Bob Swan, who held the title of CEO for for a bit over two years. “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 throughout the company,” said Frank Yeary, who will become interim executive chair during the transition. “While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence.”

Gelsinger oversaw Intel during a tumultuous time for the company. In late 2022, for example, Intel laid off about 20 percent of its staff in some divisions. This year alone, Intel has failed quality tests and announced it would lay off another 15,000 people — or 15 percent of their workforce — amid a $10 billion cost-reduction plan. Reporting by Bloomberg indicates the company’s board lost confidence in Gelsinger’s leadership due to these setbacks, and he was given the option to either retire or be forced out, which explains his very sudden departure.

Update, December 2 2024, 11:26AM ET: This story now includes additional reporting from Bloomberg.