Intel Appoints Lip-Bu Tan As CEO

Intel has appointed Lip-Bu Tan as its new CEO in an effort to turn around the struggling chipmaker, following the resignation of Pat Gelsinger. CNBC reports: Tan was previously CEO of Cadence Design Systems, which makes software used by all the major chip designers, including Intel. He was an Intel board member but departed last year, citing other commitments. Tan replaces interim co-CEOs David Zinsner and MJ Holthaus, who took over in December when former Intel CEO Patrick Gelsinger was ousted. Tan is also rejoining Intel's board. Intel shares rose over 12% in extended trading on Wednesday.

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