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.

“Pat stepping down presents an opportunity for Intel to finally face the hard truth: That without virtually unlimited capital its current strategy will bankrupt the company,” commented TheCUBE Research Chief Analyst Dave Vellante. “As David Floyer & I have said for years, it’s long past the time to spin Foundry.”