The appointment of Lip-Bu Tan, 65, a prominent tech leader, follows a tumultuous period for the semiconductor giant that saw declining revenue and share prices.

Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs.

Intel has named a new chief executive, as the chipmaking giant attempts to recover from several bruising years that saw the one-time industry leader fall behind most of its rivals.

Struggling chipmaker Intel on Wednesday named former board member Lip-Bu Tan as its CEO effective March 18, more than three months after the it ousted company veteran Pat Gelsinger.

Lip-Bu Tan, who resigned from Intel's board last summer, is back with the troubled chipmaker — as its newly appointed chief executive officer.

Intl said former Cadence Design Systems chief executive Lip-Bu Tan will be the company's next chief executive. Former co-CEOs Michelle Johnston Holthaus and David Zinsner will remain at the company.

Intel on Wednesday named former board member and chip industry veteran Lip-Bu Tan as its CEO and signaled the struggling but storied chipmaker was unlikely to split up its chip-design and manufacturing operations.

Intel has appointed a new CEO, three months after former CEO Pat Gelsinger was pushed out of the company. The company’s new chief executive is Lip-Bu Tan, who served as CEO of chip design hardware and services company Cadence from 2009 to 2021 and as a member of Intel’s board of directors from 2022 to 2024.