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.

“Pat stepping down presents an opportunity for Intel to finally face the hard truth: That without virtually unlimited capital its current strategy will bankrupt the company,” commented TheCUBE Research Chief Analyst Dave Vellante. “As David Floyer & I have said for years, it’s long past the time to spin Foundry.”