On Monday, tech-giant Intel announced that its CEO Pat Gelsinger had resigned following a tumultuous tenure at the corporation.

Since he took over the corporation in February 2021, the corporation’s distribute has plunged 61%, and the corporation announced in August that it would be laying off 15% of its staff. The layoffs came as part of measures to slash $10 billion in costs.

Gelsinger’s resignation was effective Dec. 1, according to the press release from Intel.

“Leading Intel has been the integrity of my lifetime – this throng of people is among the best and the brightest in the business, and I’m honored to call each and every one a co-worker,” Gelsinger said in the press release.

Intel said Gelsinger would be replaced by interim co-CEOs David Zinsner, Intel’s chief monetary officer, and Michelle Johnston Holthaus, general manager of Intel’s client computing throng.

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Intel’s distribute rises following announcement

Following the announcement of Gelsinger’s stepping down, the corporation’s distribute rose 5.8% on Monday, Reuters reported.

Intel had been facing troubles in terms of the distribute economy. On August 2, corporation shares sank 26% in one day, marking their worst day since 1974. It came after a disappointing approximate and an announcement that it would lay off a significant portion of its staff.

Intel and the CHIPS Act

Last week, the corporation also announced that the $8.5 billion grant awarded by the Biden administration in March as part of the CHIPS Act was being reduced by more than $600 million dollars to $7.86 billion. This reduction came after Intel announced that it would be delaying the opening of some recent chip plants.

Fernando Cervantes Jr. is a trending information reporter for USA TODAY. Reach him at [email protected] and pursue him on X @fern_cerv_.