(Bloomberg) — Intel Corp. ousted Chief Engineering Officer Murthy Renduchintala after the chipmaker failed to keep up with the latest manufacturing advances.The executive will leave Aug. 3, and his organization will be split up and led by other leaders. Intel said it was making the changes “to accelerate product leadership and improve focus and accountability in process technology execution,” according to a statement.When Renduchintala joined Intel more than four years ago, he was lauded as someone with the experience needed to upgrade Intel’s design efforts. He was later promoted to his current position, which added responsibility for manufacturing, a key part of improving the performance of chips.Last week, the company said the latest technique for building the most advanced semiconductors was a year behind schedule. That followed a multiyear delay in the previous manufacturing process. The stock slumped 16% on Friday and fell 2% more on Monday.Read More: Intel ‘Stunning Failure’ Heralds End of Era for U.S. Chip SectorIntel is also trying to recruit a permanent chip design leader following the recent resignation of Jim Keller.(Updates with details from statement in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.