Intel CEO Pat Gelsinger is retiring effective immediately. The company boss, who wanted to lead the company’s resurgence in the increasingly difficult chip market, has resigned and a permanent successor has yet to be found.

“Leading Intel has been the honor of a lifetime – this group of people are some of the best and brightest in the industry, and I am honored to call each and every one of them colleagues,” Gelsinger said of the decision. “Today is of course bittersweet, as this company has shaped my life for most of my professional career. I can look back with pride at everything we have achieved together.”

“It has been a challenging year for all of us as we have made difficult but necessary decisions to position Intel for the current market dynamics. I am forever grateful to the many colleagues around the world with whom I have worked as part of the Intel family.”