Intel has announced the appointment of Lip-Bu Tan as CEO, a move aimed at stabilizing the company following the resignation of previous CEO Pat Gelsinger. Tan will begin his duties on March 18.
Lip-Bu Tan previously headed Cadence Design Systems, which develops software for leading chipmakers including Intel. He was also a member of Intel's board of directors, but left that position in 2024 due to other commitments.
Tan will replace interim co-CEOs David Zinsner and Michelle Johnston Holthouse, who have served since December 2024 after Gelsinger's departure. He also returns to Intel's board of directors. Tan's appointment is a significant step for the company, which is facing a difficult period due to declining revenues and increased competition.
Intel shares rose 12% after the announcement of the new appointment. Lip-Bu Tan said that under his leadership, the company will focus on engineering innovation, creating the best products, and building trust with customers and shareholders.