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 announced Monday that CEO Pat Gelsinger has retired from the company, effective Dec. 1. Shares of Intel were up 5% Monday in pre-market trading. Gelsinger's retirement comes a week after Intel and the CHIPS and Science Act office finalized a $7.86 billion grant, which is slated to fund the company's factory-building plans.