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.

Intel may have ousted CEO Pat Gelsinger, but he’s leaving the company with a significant payday.