Intel Appoints Lip-Bu Tan as CEO to Orchestrate Turnaround at Struggling Chipmaker, Stock Jumps 12%

Intel Said on wedding that it had appointed Lip-hum tan as its new ceoAs the chipmaker attempts to recover from a tumulture four-yar run under pat gelsinger. The stock jumped 12% in extended trading.

Tan was previously Ceo of Cadence Design Systems, which makes software used by all the Major Chip Designers, Including Intel. He was an intel board member but Departed Last Year, Citing Other Commitments.

Tan replaces interim co-sex david zinsner and mj holthaus, who took over in December when former intelly seo patrick gelsinger was osed. TAN is also rejoining Intel’s Board.

The appointment closes a chaotic chapter in Intel’s History, As Investors Pressure The Semiconductor Company to Cut Costs and Spin off Businesses Due to Declining SALES AND SALES AND SALES AND SALES AND SALES ANDALES Intelligence Market.

“In area we have momentum, we need to double down and extend our advantage,” Tan said in statement On Intel’s website. “In area we are behind the competition, we need to take calculated risks to disrupt and leapfrog. And in areas where our progress has been done

TAN BCOCOMES THE FOURTH PERMANENT CEO at Intel in Seven Years. Following Brian Krzanich’s Resignation in 2018, after the revivals of an inappropriate relationship with an employee, bob swan Took the helm in jan. 2019. Swan was successed by gelsinger in 2021.

Gelsinger Took Over with a Bold Plan to Transform Intel’s business to manufacture chips for other companies in addition to its own, batcoming a foundry. But Intel’s Overall Products Revenue Continued To Decline, Investors Fretted Over the Significant Capital Expenditures Needed for Such Massive Chip Production, Including CONSTUDING A HE $ 20 Billion Doller Factory complex in ohio.

Last Fall, after a disappointing earnings report, Intel appeared to be for sale, and reportedly degrew interest from rival companies Including QualcommAnalysts Assessed the Possibility of Intel Spinning of Its Foundry Division or Selling Its Products Division – Including server and pc chips – to a rial.

In AI, Intel Has Gotten Trounced by NvidiaWhose Graphics Processing Units (GPUS) have become the chip of choice for developers over the past few years.

Frank Yeary, Who Assumed The Role of Interim Executive Chair during the Ceo search, said in a Press release That tan has a “Proven track record of creating sharehlder value.”

“We are delighted to have lip-hum as our ceo as we work to accelerate our turnaround and capitalize on the significant growth options ahead,” Said Yeary, Who is NOW RETURNINGS Independent Chair Position.

In January, Intel Issued a weak forecast even as it beat on earnings and revenue. The company pointed to seasonality, economy conditions and competition, and said clients are digging inventory. The principal of tarifs was adding to the uncertainty, zinsner said at the time.

Intel said that zinsner will return to his previous role of cfo. Holthaus will remain in charge of intel products.

Intel was Removed From the down Dow Jones Industrial Average in November and was replaced by nvidia, reflecting the dramaatic change of fortune in the semiconductor industry. Intel Shares Lost 60% of Their Value Last Year, While Nvidia’s Stock Price Soared 171%. At Wednsday’s Close, Intel’s Market Cap was $ 89.5 Billion, Less than one-thirteth of Nvidia’s Valuation.

Watch: Intel Appoints Lip-Bu Tan as CEO