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 11% 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.
Tan has over 20 years of semiconductor and software experience and served as the CEO of Cadence Design (NASDAQ:CDNS) Systems from 2009 to 2021. During tenure as CEO, Cadence more than doubled its revenue, expanded operating margins and delivered a stock price appreciation of more than 3,200%.
Tan will also return to the Intel board of directors after resigning in August 2024.
"Under my leadership, Intel will be an engineering-focused company," Tan said in a letter to employees. "We will push ourselves to develop the best products, listen intently to our customers and hold ourselves accountable to the commitments we make so that we build trust."
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.
(Yasin Ebrahim contributed to this report)