Investing.com -- Intel said Wednesday it appointed Lip-Bu Tan as its chief executive officer starting Mar. 18.
Intel Corporation (NASDAQ:INTC) rose more than 13% in afterhours trading following the news.
"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," interim executive chair Frank Yeary stated.
Following the appointment, Yeary would revert to his role as independent chair of the board, while current interim co-CEO David Zinsner would remain executive vice president and chief financial officer.
Michelle Johnston Holthaus, meanwhile, the other interim co-CEO, is expected to remain CEO of Intel Products.