Intel Corp. is making a change at the top with Chief Executive Pat Gelsinger out after less than four years. The company announced Monday morning that Gelsinger has retired from Intel and stepped down from its board of directors,

News that chip giant Intel will get a new CEO set the embattled chip maker's shares in motion Monday, with the stock finishing marginally lower as the company sought to reassure investors that things might improve after a punishing year.

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