Feb 23 (Reuters) - U.S. defense contractor ManTech International Corp said on Wednesday co-founder George Pedersen has decided to retire from its board and as chairman emeritus.

Pedersen co-founded the company in 1968 with a contract from the U.S. Navy to supply modeling and simulation services.

Reuters had reported earlier this month that Pedersen was exploring options for a controlling stake that include a sale of the company, which has a market value of more than $3 billion. (Reporting by Akash Sriram in Bengalur; Editing by Maju Samuelu)