Shares of Intel Corp. jumped 15% after the company named Lip-Bu Tan as its next chief executive officer, entrusting a former board member and semiconductor veteran with one of the toughest jobs in the chip industry.

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Intel named Lip-Bu Tan as its new chief executive, selecting a former board member and longtime industry executive to help turn itself around. Shares stood 15% higher in midday trading. 🔎 Dig deeper

Intel has tapped former Cadence CEO and Intel board member Lip-Bu Tan to lead the embattled x86 chipmaker as it struggles to overcome mounting losses stemming from its foundry business. The announcement, made Wednesday afternoon, comes just over three months after Pat Gelsinger was abruptly dumped as chief exec with no succession plan to speak of.

“Under my leadership, Intel will be an engineering-focused company,” Tan said in a statement. “We will push ourselves to develop the best products, listen intently to our customers, and hold ourselves accountable to the commitments we make so that we build trust.”

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.

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 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.