Breaking The board of Intel has named semiconductor industry veteran Lip-Bu Tan as the x86 giant's new CEO.
This follows the departure of Pat Gelsinger as chief executive in December.
Tan, a former Intel board member who among other things earlier successfully steered electronics design giant Cadence, will replace interim co-CEOs David Zinsner and Michelle Johnston Holthaus. Zinsner will be executive vice president and chief financial officer, and Johnston Holthaus will be CEO of Intel Products.
"Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO,” Frank Yeary, board chairman, said in today's announcement of the appointment.
"Throughout his long and distinguished career, he has earned a reputation as an innovator who puts customers at the heart of everything he does, delivers differentiated solutions to win in the market and builds high-performance cultures to achieve success."
Intel shares jumped more than 11 percent in price on the news. The stock dropped more than 50 percent in value over the past year.
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