Intel’s shares rose 5% Monday after the company announced the 63-year-old Gelsinger, who began his career at the chipmaker in 1979, had retired from the position of chief executive and also stepped down from the board of directors.

SAN FRANCISCO >> Intel Chief Executive Pat Gelsinger has been forced out less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.

Intel (INTC) shares climbed by over 4% during mid-day trading on Monday after the company announced that its chief executive is out.