Intel’s interim co-chiefs promised to invest heavily in the company’s chip designs and pursue new customers for its contract chip-making business after the architect of the company’s turnaround bid [was abruptly ousted early this month.

Gelsinger’s departure comes after Intel’s board of directors decided to replace him, citing declining confidence in his leadership amid a turbulent year.

Shake up in Silicon Valley. Intel CEO Pat Gelsinger announces immediate retirement with the company naming two interim co-CEOs to lead the chipmaker. He started at Intel in 1979 and was its first chief technology officer.