After months of searching for a new CEO following the abrupt retirement of former CEO Pat Gelsinger, Intel (NASDAQ: INTC) has landed on Lip-Bu Tan. Tan led Cadence Design Systems, a provider of software for designing semiconductor chips,

Intel shares surged Thursday after the struggling chipmaker named Lip-Bu Tan its new CEO, raising hopes for a turnaround.

Long-time Intel executive Pat Gelsinger resigned in December of 2024. Intel was once the world’s largest producer of computer chips with its technology used in almost every PC on the market. However,

Intel has tapped former Cadence CEO and Intel board member Lip-Bu Tan to lead the embattled x86 chipmaker as it struggles to overcome mounting losses stemming from its foundry business. The announcement, made Wednesday afternoon, comes just over three months after Pat Gelsinger was abruptly dumped as chief exec with no succession plan to speak of.