Intel Shares Jump After Naming Chip Industry Veteran Tan as CEO

(Bloomberg) -- Intel Corp. shares jumped about 10% in premarket trading on Thursday after it 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. 

Tan, 65, will assume the role on March 18, the company said in a statement Wednesday. He will rejoin the board as well after stepping down in August 2024.

Tan, the former head of Cadence Design Systems Inc., is tasked with restoring the fortunes of a pioneering chipmaker that’s become an industry laggard. Intel, which dominated the semiconductor field for decades, is struggling with market-share losses, manufacturing setbacks and a precipitous decline in its earnings. It’s also burdened with debt and recently had to slash about 15,000 jobs.

Bank of America Corp. analysts upgraded the shares to “neutral” after the announcement, citing Tan’s “solid track record.” Intel shares had closed 4.6% higher at $20.68 in regular New York trading on We...
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