Intel just appointed industry veteran Lip-Bu Tan as its new CEO, giving him the challenge of turning around the struggling chipmaker. Tan, a former Intel board member and longtime semiconductor leader,

Tan succeeds interim co-CEOs David Zinsner and Michelle Johnston Holthaus. He’ll also rejoin the Intel board of directors after stepping down from the board in August 2024, Intel said. Zinsner will remain Intel’s CFO, while Johnston Holthaus will remain CEO of the company’s Intel Products division.

Intel stock jumped more than 16% after announcing that tech executive and former board member Lip-Bu Tan will be the company’s new CEO.

Intel appointed Lip-Bu Tan as its CEO following the retirement of former CEO Pat Gelsinger in late 2024. In a press release, Intel said Tan will start as its chief executive officer effective March 18,

Lip-Bu Tan may be one of the most powerful technology executives you've never heard of. As he steps into one of the highest-profile jobs on the planet, CEO of troubled, storied chipmaker Intel, his performance will be on full display.

Embattled chipmaker Intel Corp. is hopeful of better days ahead after hiring Lip-Bu Tan as its new chief executive, ending a months-long search for a new leader that followed the ouster of its previous CEO Pat Gelsinger in December.