Intel (INTC) stock is up 10% in after hours trading on news that the chipmaker has named Lip-Bu Tan as its new permanent CEO.
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Tan previously served as CEO of Cadence Design Systems (CDNS), which makes software used by all the major chip designers, including Intel. Tan has also served on the board of directors at Intel, although he departed last year saying he had other commitments.
Tan replaces Intel’s interim co-CEOs David Zinsner and MJ Holthaus, who took over running the company last December after the abrupt departure of former CEO Pat Gelsinger. Tan is also rejoining Intel’s board. He takes the helm of the chipmaker as it tries to recover from a tumultuous four-year run under Pat Gelsinger when its stock declined nearly 75%.
Way Forward
Under Gelsinger’s leadership, Intel spent billions of dollars in an effort to pivot from solely designing microchips and processors to also producing them…
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