Together, we will work hard to restore Intel’s position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before,” Tan said in a letter to Intel employees on Wednesday.

Intel appointed Lip-Bu Tan as its CEO following the retirement of former CEO Pat Gelsinger in late 2024. In a press release, Intel said Tan will start as its chief executive officer effective March 18,

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.