Key Takeaways
- Intel named Lip-Bu Tan its new CEO, effective March 18.
- Tan is the former CEO of Cadence Design Systems, a semiconductor software company that has partnered with Intel.
- The chipmaker had been searching for a permanent CEO since Pat Gelsinger’s retirement late last year.
Intel (INTC) named Lip-Bu Tan its new CEO, sending the chipmaker’s stock higher in after-hours trading Wednesday.
Tan, who is set to take the helm of Intel as of next Tuesday, is the former CEO of Cadence Design Systems (CDNS), a semiconductor software company that counts Intel among its partners.
Tan will succeed interim Co-CEOs David Zinsner and Michelle Johnston Holthaus, who have shared the position since Pat Gelsinger retired in December. The pair will retain their roles as chief financial officer and CEO of Intel Products, respectively.
Shares of Intel soared nearly 12% in after-hours trading following the news. They’ve lost about half their value in the past 12 months through Wednesday’s close.
