Together, we will work hard to restore Intel’s position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before,” Tan said in a letter to Intel employees on Wednesday.

In his letter to Intel employees, new chief executive officer Lip-Bu Tan, who starts his new job next Tuesday, tells them that he is “never deterred by

Intel (NASDAQ: INTC) has appointed Lip-Bu Tan as its new CEO, effective March 18, with a $1 million annual salary and up to $2 million in potential cash bonuses, according to a regulatory filing on Friday.

Shares of Intel Corp. jumped 15% after the company named Lip-Bu Tan as its next chief executive officer, entrusting a former board member and semiconductor veteran with one of the toughest jobs in the chip industry.

Tan has been given the responsibility to oversee Intel’s transformation into both a successful chip manufacturing firm and a competitive chip design company.

The former CEO of Cadence Design Systems, steps in as the semiconductor manufacturer has lost market share.

Struggling U.S. chipmaker Intel on Wednesday named former board member Lip-Bu Tan as its CEO effective March 18.

With a permanent CEO, Intel now has some stability. But turning around the design and manufacturing businesses won’t be easy.

Intel ’s stock is soaring after Lip-Bu Tan, a respected veteran in the semiconductor industry, was chosen as its new CEO. The appointment comes three months after the chipmaker, which falling behind in the A.I. race pushed out former head Pat Gelsinger.

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,