Intel has announced that CEO Pat Gelsinger has retired, effective December 1, and stepped down from the company’s board of directors. David Zinsner and Michelle Johnston Holthaus have been named interim Co-CEOs.

“Leading Intel has been the honor of my lifetime — this group of people is among the best and the brightest in the business, and I’m honored to call each and every one a colleague,” Gelsinger said in a statement. “Today is, of course, bittersweet as this company has been my life for the bulk of my working career. I can look back with pride at all that we have accomplished together. It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics. I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family.”