Lip-Bu Tan will be Intel's new CEO starting March 18. The former Cadence chief will use industry expertise to navigate Intel's challenges and aim for innovation and stability.

Lip-Bu Tan has been hired as the CEO by Intel. The seasoned semiconductor industry expert will take over as interim co-CEO on March 18 from David Zinsner and Michelle Johnston Holthaus.

Johnston Holthaus will remain the CEO of the Intel Products division, while Zinsner will remain the CFO. Born in Malaysia, Tan, a 65-year-old CEO, has a long career in the technology industry. He was the CEO from 2009 to 2021in Cadence Design Systems.

According to Times of India Tan stated that "I am honored to join Intel as CEO". Further, he stated, “I see significant opportunities to remake our business in ways that serve our customers better and create value for our shareholders.”

Tan's tenure at Cadence Design Systems saw the company's sales more than double and its stock price soar by more than 3,200%. His hiring coincides with layoffs and a declining stock price for Intel.

Tan outlined his goals for Intel upon his appointment, stating that the business would be “engineering-focused” under his direction. He emphasized the need to create excellent products, pay close attention to what customers have to say, and keep promises made in order to earn their confidence.

The share has plummeted 52% in only a single year and following poor second-quarter results, the chipmaker expects to lay off 15% of its workforce. It is anticipated that Tan's leadership will bring stability back to the chipmaker.