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 execut

Intel on Monday announced the retirement of chief executive Pat Gelsinger. The move, which was effective Sunday, comes as the U.S. chipmaker struggles to keep up in the hypercompetitive semiconductor market and as its stock price has tumbled.

Intel's share price has almost halved this year but jumped 3% at the market open Monday after Pat Gelsinger's retirement was announced.