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.

“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.”