Intel, the renowned semiconductor giant, has appointed experienced chip industry executive Lip-Bu Tan as its new CEO. The company made the announcement on Wednesday, which has already generated a positive response among investors, leading to a 12% surge in Intel’s stock price, according to Reuters.

Tan will officially assume his role on March 18. Previously, he was a member of Intel’s board of directors but stepped down due to strategic disagreements. Now, returning as CEO, he has pledged to restore Intel’s global standing in the semiconductor industry.

Currently trailing behind competitors like NVIDIA, Intel has been striving to restructure its chip manufacturing business. Analysts believe that Tan’s leadership will bring stability and support the company’s long-term growth.

Prior to this appointment, Tan served as CEO of Cadence Design Systems, where he spearheaded significant growth. At Intel, his primary challenge will be revitalizing the company’s competitive position and restoring investor confidence. ‍Source:  Reuters

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