Intel ’s stock is soaring after Lip-Bu Tan, a respected veteran in the semiconductor industry, was chosen as its new CEO. The appointment comes three months after the chipmaker, which falling behind in the A.I. race pushed out former head Pat Gelsinger.

Intel Corp. has appointed Lip-Bu Tan as CEO of the company. He follows the retirement of Pat Gelsinger from the company in December.

With a permanent CEO, Intel now has some stability. But turning around the design and manufacturing businesses won’t be easy.

Intel stock jumped more than 16% after announcing that tech executive and former board member Lip-Bu Tan will be the company’s new CEO.

Chipmaking giant Intel has named Lip-Bu Tan as its new CEO, effective 18 March 2025, succeeding interim co-CEOs David Zinsner and Michelle Johnston Holthaus. Tan will also rejoin Intel’s board of directors after stepping down in August 2024.

Intel has appointed Lip-Bu Tan as its new CEO amidst the company's turnaround effort and reports that TSMC is looking to run its manufacturing business.

Embattled chipmaker Intel Corp. is hopeful of better days ahead after hiring Lip-Bu Tan as its new chief executive, ending a months-long search for a new leader that followed the ouster of its previous CEO Pat Gelsinger in December.