:max_bytes(150000):strip_icc()/GettyImages-2177041551-b8df390ec1f5480e93a8c643d76a524b.jpg?w=1920&resize=1920,1267&ssl=1 "Intel Names Lip-Bu Tan Its New CEO, Sending the Chipmaker’s Stock Soaring | Global News Avenue")
Intel Names Lip-Bu Tan Its New CEO, Sending the Chipmaker’s Stock Soaring
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Key Points
- Intel calls its new CEO (Lip-bu Tan) effective March 18.
- Tan is the former CEO of Cadence Design Systems, a semiconductor software company that works with Intel.
- The chip maker has been looking for a permanent CEO since Pat Gelsinger retired late last year.
Intel(INTC) The new CEO, named Lip-bu Tan, puts the chipmaker’s stock higher in after-hours trading on Wednesday.
Tan will take over Intel next Tuesday, the former CEO of Cadence Design Systems (CDNS), a semiconductor software company that computes Intel in its partners.
Tan will replace interim co-CEO David Zinsner and Michelle Johnston Holthaus Pat Gelsinger retires In December. The two will retain their roles as Chief Financial Officer and Intel Product CEO, respectively.
Intel’s shares soared nearly 12% in after-hours trading after the news. Over the past 12 months, they lost about half of their value by the end of Wednesday.
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