Intel’s chief executive officer retired effective immediately, the legacy Silicon Valley stalwart announced Monday, a shakeup that follows an extended period of stock market underperformance for the semiconductor chipmaker.

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

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.

(Reuters) -Chipmaker Intel said on Monday CEO Pat Gelsinger retired from the chipmaker, effective Dec. 1. The company named CFO David Zinsner and senior executive Michelle Johnston Holthaus as interim co-chief executive officers while its board conducted a search for a new CEO.

Intel Corp.’s ousted Chief Executive Officer Pat Gelsinger, who was forced out after the board lost confidence in his plans to turn around the iconic chipmaker, is set to receive as much as $10 million in severance pay.

Intel former CEO Pat Gelsinger could get as much as $12 million as payout, a regulatory filing showed on Tuesday, following his ouster from the struggling U.S. chipmaker. The company said the severance payment would include $1.