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Lip-Bu Tan, a veteran figure in the high-tech industry, has stepped down from Intel’s board of directors after two years on the job, according to the company’s filing with the U.S. Securities and Exchange Commission. His departure, effective immediately, comes at a critical time for Intel, as the company battles financial troubles and is making major organizational changes that will involve laying off approximately 15,000 or more employees.

“I am grateful for the opportunity to serve on Intel’s board,” Lip-Bu Tan said after informing Intel of his decision on Monday. “This is a personal decision based on the need to reprioritize various commitments, and I continue to support the company and its important work.”

SeekingAlpha reports that Intel shares fell 6.1% after Intel announced that Lip-Bu Tan would be leaving.

Lip-Bu Tan, former CEO and current executive chairman of Cadence, a leading provider of electronic design automation and intellectual property tools, joined Intel’s board of directors in 2022 after the company announced its IDM 2.0 efforts to become a major contract semiconductor maker.

Lip-Bu Tan’s investment firm, Walden International, has invested in semiconductor, alternative energy and digital media companies and startups in the U.S. and Asia, including Ambarella, Creative Technology, S3 Graphics and Sina Corp. Sina owns Weibo (a microblogging site in China) and four other business lines. Given Lip-Bu Tan’s experience at Cadence and his investment firm, he was a valued board member at Intel.

Intel’s board of directors consists of 12 directors, led by Chairman Frank D. Yeary, who has spent his entire career in the financial industry. In fact, two of Intel’s board members have academic backgrounds in electrical and computer engineering and experience in a semiconductor company; one worked in the personal computer industry; and two—Pat Gelsinger and Stacy Smith—are current or former Intel executives. Others have worked outside the semiconductor industry.

Intel’s stock fell by about 30%, losing about $39 billion in market cap in just a few days from late July to early August. On July 31, Intel’s market cap was $130.86 billion at the close of business on the NYSE. Following reports of mass layoffs, it fell to $123.96 billion on August 1. Following Intel’s financial report and a substantial loss of $1.6 billion, its valuation fell further to $91.86 billion. Intel’s current market cap as of this writing is $88.43 billion, indicating that the company has lost more than half of its market value since the beginning of the year.