NEW YORK, Dec. 2 (Xinhua) -- Intel on Monday announced the retirement of chief executive officer Pat Gelsinger from the company after a 40-plus-year career.

Company shares climbed 4.6 percent in morning trading as investors reacted to the news. But the stock remains down more than 50 percent year-to-date, according to MarketWatch. During Gelsinger's tenure, the value of Intel's shares has fallen by more than half.

Gelsinger is also stepping down from the board of directors after four decades with the company. He became CEO in February 2021 and was tasked with cementing the company's dominance in the semiconductor industry, but in the ensuing years, Intel has been eclipsed by giants such as Taiwan's Semiconductor Manufacturing Co, according to The Washington Post.

Intel's chief financial officer David Zinsner and the head of products, Michelle Johnston Holthaus, will serve as interim co-chief CEOs while the board searches for a permanent CEO, the company said in a news release.

"Once a tech industry powerhouse during the rise of personal computers, Intel's dominance waned after it failed to capitalize on the emergence of smartphones and mobile devices in the early 2000s, and the company now trails significantly in the race to meet red-hot demand for chips for AI," said the report. Enditem

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