Intel appoints Lip-Bu Tan as CEO, stock jumps 11%

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Intel (INTC) has announced that it is showing Tan as her new executive. The veteran in the chips industry, which was previously taken over the rhythm design systems, controlled Co-Coos Co-Coos David Zinsner and Michelle Johnston Holthaus. The former CEO of Pat Gilgringer, who was toppled by the Intel Council in late 2024.

Intel shares increased more than 11 % in trading after working hours after advertising.

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The news comes on the same day that the Reuters report states that a federation of companies led by TSMC (TSM), including NVIDIA (NVDA) and Broadcom (AVGO) is holding Intel manufacturing business talks.

Tan is not strange to Intel. The new CEO initially served in the company’s board of directors in 2022 but left the chips giant in 2024 after he disagreed with Geelsiner in the company’s transformation plan, including third -party semiconductors manufacturing, according to Reuters.

Tan lips in an unprotected image. As for courtesy · Reuters / Reuters

“I am honored to join Intel as an executive head,” Tan said in a statement. “I have a tremendous respect and admiration for this iconic company, and I see great opportunities to reshape our business in ways to better serve our customers and create value for our shareholders.”

Tan takes into account the Intel in the midst of one of the darkest times in the company’s history. The chip maker has lost his progress in operations to create TSMC his competitor and gave up his chance to control the area of artificial intelligence to NVIDIA.

Intel shares decreased by 54 % during the past year, as the company’s revenues shrunk from its highest levels in the epidemic. It is now facing an increasing competition from the enemy for a long time (AMD) and a renewed voltage by Qualcomm to storm the space of computer chips, threatening the largest money maker in Intel.

The semiconductor giant also received billions of dollars through the chips law to help pay the price of new manufacturing facilities in the United States, including the huge campus in Ohio. But Intel says that part of the project was delayed and will not be completed until 2030. It was scheduled to be opened initially in 2025.