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.

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

Tan succeeds interim co-CEOs David Zinsner and Michelle Johnston Holthaus. He’ll also rejoin the Intel board of directors after stepping down from the board in August 2024, Intel said. Zinsner will remain Intel’s CFO, while Johnston Holthaus will remain CEO of the company’s Intel Products division.

Intl said former Cadence Design Systems chief executive Lip-Bu Tan will be the company's next chief executive. Former co-CEOs Michelle Johnston Holthaus and David Zinsner will remain at the company.

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.

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,