Shares of Intel Corp. jumped the most in five years after the company named Lip-Bu Tan as its next chief executive officer, entrusting a former board member and semiconductor veteran with one of the toughest jobs in the chip industry.

Intel has posted several quarters of market share losses in data centers and PCs, as well as billion-dollar losses in its manufacturing business, and over the past five years, the stock has lost about 60% of its value,

The stock jumped 10% in premarket trading, a day after the 65-year-old industry veteran was tasked with steering the company, which has missed out on the artificial intelligence-driven semiconductor boom and has been plowing billions of dollars into building out its chip-making business.