Headline : Intel stock pops 4% after CEO Pat Gelsinger retires

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Intel (INTC+1.73%) shares climbed by over 4% during mid-day trading on Monday after the company announced that its chief executive is out.

After over four decades at the chip pioneer, Intel chief executive Pat Gelsinger retired from the company and stepped down from its board of directors on Sunday, Intel said. Intel chief financial officer David Zinsner and chief executive of Intel Products Michelle Johnston Holthaus will now serve as interim co-CEOs while Intel’s board looks for another leader. Frank Yeary, the independent chair of Intel’s board, will become its interim executive chair.

“While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence,” Yeary said in a statement.

Intel’s shares, which have fallen over 47% so far this year, were up by about 4.4% amid the news, while Taiwan Semiconductor Manufacturing Company’s (TSM+1.07%) U.S.-listed shares were up by almost 5%, and British chip designer Arm’s (ARM-0.23%) shares were up by 4.5%.

Read more from the original article on here at qz.com.

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