There is no joy in Intel’s corporate headquarters. The company has had an epically horrible year, with widespread issues plaguing its flagship chips, massive upswings from rivals AMD and Nvidia, and a stock downturn so dramatic it’s been called one of the worst performers in the industry.

This morning, CNBC noted that Intel CEO Pat Gelsinger retired. The company’s stock, down 52 percent for the year, bounced 5 percent in premarket trading. Gelsinger’s exit isn’t shocking, given Intel’s struggles of late,

Intel CEO Pat Gelsinger has retired from the company as its challenges in CPU design and competition continue to mount.