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.

Intel said on Wednesday that Lip-Bu Tan is taking over as CEO, three months after Pat Gelsinger resigned from the post.

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.

Lip-Bu Tan, who resigned from Intel's board last summer, is back with the troubled chipmaker — as its newly appointed chief executive officer.

Intel Corporation has announced that its board of directors has appointed Lip-Bu Tan as chief executive officer, 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,

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.