Intel Corp. late Wednesday named Lip-Bu Tan as its new CEO.
“Intel has a powerful and differentiated computing platform, a vast customer installed base and a robust manufacturing footprint that is getting stronger by the day as we rebuild our process technology roadmap,” Tan said in a statement. “I am eager to join the company and build upon the work the entire Intel team has been doing to position our business for the future.”
Tan, previously CEO of Cadence Design Systems Inc. and an Intel board member until last year, inherits the reeling chipmaker following a bumpy four-year stretch under Pat Gelsinger, who was forced out in December.
Tan, who succeeds Intel co-CEOs David Zinsner and MJ Holthaus, is also rejoining Intel’s board. He is the company’s fourth CEO in seven years.
“Like many across the industry, I have worked closely with Lip-Bu in the past and have seen firsthand how his relentless attention to customers drives innovation and success,” Frank D. Yeary, who took on the role of interim executive chair of the board during the search for a new CEO, said in a statement. “We are delighted to have Lip-Bu as our CEO as we work to accelerate our turnaround and capitalize on the significant growth opportunities ahead.”
Intel shares jumped more than 12% in extended trading Wednesday.
