Intel names Lip-Bu Tan as new CEO

March 13 (UPI) -- 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, succeeding Interim co-CEOs David Zinsner and Michelle Johnston Holthaus, and will be rejoining the company's board of directors after having stepped down in August.

The statement credited him as "an accomplished technology leader with deep semiconductor industry experience."

"Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO," Interim executive chair of the board Frank D. Yeary, who is now reverting to the role of independent chair of the board, said.

Tan is described in the press release as "a longtime technology investor and widely respected executive with more than 20 years of semiconductor and software experiences as well as deep relationships across Intel's ecosystem."

Gelsinger announced his retirement on Dec. 2 following a 40-year career.

Tan said Wednesday that he has "tremendous respect and admiration for this iconic company," and sees "significant opportunities to remake our business in ways that serve our customers better and create value for our shareholders."

The move apparently is already pleasing investors, as Intel stock jumped 12% in extended trading Wednesday.