Intel has a new boss. The new chief executive officer is Lip-Bu Tan, a former Intel board of directors member and chip software maker Cadence Design Systems. He’s promising to “double down” on things that are working and “take calculated risks” where things aren’t working nearly as well.

Intel has appointed a new CEO, three months after former CEO Pat Gelsinger was pushed out of the company. The company’s new chief executive is Lip-Bu Tan, who served as CEO of chip design hardware and services company Cadence from 2009 to 2021 and as a member of Intel’s board of directors from 2022 to 2024.

Intel announced the end of its search for a new CEO with the hire of Lip-Bu Tan on Wednesday afternoon. Shares jumped 12% in after-hours trading, building on the day’s 4.6% gain. Tan replaces interim CEOs David Zinsner and Michelle Johnston Holthaus who were installed temporarily in the wake of former CEO Pat Gelsinger’s resignation in December.