Intel Appoints Lip-Bu Tan as New CEO; Stock Rises by 11%

Intel has named Lip-Bu Tan as its new chief executive officer, starting March 18, according to an official announcement by the company. Following the appointment of Tan, Intel's stock rose by more than 11% after a 54% decline in shares over the previous year. Facing notable market-share setbacks, Intel has undergone challenges resulting in the layoff of approximately 15,000 employees due to recent financial difficulties. Tan, known for his leadership in the semiconductor sector, had successfully transformed Cadence Design Systems in his prior role.