Intel Corp. Chief Executive Officer Pat Gelsinger has retired from the company and stepped down from its board of directors just as the company is in the middle of trying to execute on a turnaround plan.

Intel said Pat Gelsinger has retired and stepped down from the company’s board of directors.

Shares of Intel jumped nearly 6% Monday after the struggling chip maker's CEO stepped down. More Videos. First Lady Dr. Jill Biden unveils White House’s holiday decorations

Computer chip maker Intel announced the retirement of chief executive Pat Gelsinger on Monday, raising new questions about the company’s future even as the United States is set to give it billions of dollars to build up the country’s ability to manufacture chips at home.

Pat Gelsinger stepped down after nearly four years at the helm of the company, Intel said Monday. Pat Gelsinger, Intel’s chief executive officer, stepped down after nearly four years leading the semiconductor company,

The chipmaker is considering at least two people outside the company to replace former CEO Pat Gelsinger, who abruptly retired on Sunday.

Intel Corp.’s search for a new chief executive officer will focus heavily on outsiders, with the chipmaker considering candidates such as Marvell Technology Inc. head Matt Murphy and former Cadence Design Systems Inc.