Intel Appoints Tan as CEO Amid Strategic Shift

Intel has appointed Lip-Bu Tan as its new CEO, effective March 18, following the departure of Pat Gelsinger, who was ousted in December due to a loss of confidence in his turnaround strategy. Tan, a respected semiconductor industry veteran and former CEO of Cadence Design Systems, is tasked with reviving Intel's competitive edge and addressing its recent struggles in the AI market. His appointment has been well-received by investors, with Intel's stock surging over 11% in after-hours trading. Tan's leadership is expected to focus on customer-centric innovation and streamlining operations, addressing cultural and strategic challenges that have hindered Intel's growth. The company has been under pressure to catch up with rivals like Nvidia and AMD, who have capitalized on the AI revolution more effectively. Tan's experience and previous success in transforming Cadence highlight his potential to lead Intel's turnaround.