Lip-Bu Tan, a veteran of the high-tech industry, has resigned from Intel’s board of directors after two years of service, according to a filing the company made with the U.S. Securities and Exchange Commission (SEC). His resignation, effective immediately, comes at a critical time for Intel as the company faces financial difficulties and implements major organizational changes that will involve the layoff of more than 15,000 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.”