Intel (INTC, Financial) shares jumped nearly 10% in pre?market trading on Thursday after the chipmaker named LipBu Tan as its new CEO. Tan, a former board member and ex?CEO of Cadence Design Systems (CDNS, Financial), will rejoin Intel's board.
Tan replaces interim co?CEOs David Zinsner and Michelle Johnston Holthaus, who assumed leadership following former CEO Pat Gelsinger's abrupt retirement in December 2024 amid mounting concerns over Intel's future. Frank Yeary, who served as interim executive chair during the search, will resume his role as independent chair.
I am honored to join Intel as CEO, Tan said in a statement. I see significant opportunities to remake our business to better serve our customers and create value for our shareholders. He added that Intel's robust manufacturing footprint and differentiated computing platform position the company for a strong turnaround.
Previously, the 65?year?old executive left Intel at the request of its enormous workforce and risk adversity. Hardly considered as a return but as a strategic pivot in a broader market challenge for Intel to regain its competitive edge in a swiftly moving semiconductor landscape.
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