AsianFin – Intel has appointed Lip-Bu Tan as its new chief executive officer, aiming to steer the struggling chipmaker back to industry leadership after years of setbacks. Tan replaces Pat Gelsinger, who resigned in December.

Following the announcement, Intel’s stock surged nearly 13% in after-hours trading, though the company’s shares had dropped more than 54% year-to-date, reflecting investor concerns over its future.

Tan, a seasoned semiconductor executive and tech investor, previously served as CEO of Cadence Design Systems for over a decade, leading a transformation of the company. He is also the founding managing partner of Walden Catalyst Ventures, which focuses on semiconductor, AI, and cloud investments.

Intel’s interim executive chair, Frank Yeary, praised Tan’s expertise and industry connections, stating that his leadership is crucial for Intel’s recovery. Tan will officially take over as CEO on March 18, with Yeary returning to his role as independent board chair.