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 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.

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 has appointed Lip-Bu Tan as its new chief executive, ending a months-long search for a new leader after the troubled US chipmaker’s board ousted Pat Gelsinger in December. Tan, former chief executive of chip design software company Cadence,

Key Takeaways Intel named Lip-Bu Tan its new CEO, effective March 18. Tan is the former CEO of Cadence Design Systems, a semiconductor software company that has partnered with Intel.The chipmaker had been searching for a permanent CEO since Pat Gelsinger's retirement late last year.