Struggling U.S. chipmaker Intel on Wednesday named former board member Lip-Bu Tan as its CEO effective March 18.

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,

The 65-year-old seasoned professional from the semiconductor sector, who has held a board position at Intel in the past, is responsible for enhancing efforts to bring the company back to the leading position in an industry it ruled for many years.

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

Intel on Wednesday named former board member and chip industry veteran Lip-Bu Tan as its CEO and signaled the struggling but storied chipmaker was unlikely to split up its chip-design and manufacturing operations.

Intel ( INTC) named Lip-Bu Tan its new CEO, sending the chipmaker's stock higher in after-hours trading Wednesday. Tan, who is set to take the helm of Intel as of next Tuesday, is the former CEO of Cadence Design Systems ( CDNS ), a semiconductor software company that counts Intel among its partners.

Intel 's newly appointed Chief Executive Officer (CEO), Lip-Bu Tan, will receive a compensation package worth around $69 million. The details of the package were revealed in a recent company filing. It includes an annual salary of $1 million and a performance-based bonus of up to 200%.

In his letter to Intel employees, new chief executive officer Lip-Bu Tan, who starts his new job next Tuesday, tells them that he is “never deterred by

Incoming Intel Corp. Chief Executive Officer Lip-Bu Tan, who was named to the position this week, will receive compensation valued at about $69 million if he reaches targets over the coming years.

US chipmaker Intel's new CEO Tan Lip-Bu will receive a salary of US$1 million and be eligible for an annual cash bonus of up to US$2 million, the company said in a regulatory filing on Friday (Mar 14).