Former Intel CEO Pat Gelsinger is in line to receive millions of dollars in severance following his decision to step down from the struggling chipmaker, according to company filings.

Intel (INTC) announced Monday that chief executive officer Pat Gelsinger is retiring from the company and has stepped down from its board of directors.

Intel’s chief executive officer retired effective immediately, the legacy Silicon Valley stalwart announced Monday, a shakeup that follows an extended period of stock market underperformance for the semiconductor chipmaker. Intel’s CEO Pat Gelsinger retired effective immediately Sunday.