Together, we will work hard to restore Intel’s position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before,” Tan said in a letter to Intel employees on Wednesday.

Struggling U.S. chipmaker Intel on Wednesday named former board member Lip-Bu Tan as its CEO effective March 18.

In his letter to Intel employees, new chief executive officer Lip-Bu Tan, who starts his new job next Tuesday, tells them that he is “never deterred by

Intel (NASDAQ: INTC) has appointed Lip-Bu Tan as its new CEO, effective March 18, with a $1 million annual salary and up to $2 million in potential cash bonuses, according to a regulatory filing on Friday.

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.

Tan has been given the responsibility to oversee Intel’s transformation into both a successful chip manufacturing firm and a competitive chip design company.

With a permanent CEO, Intel now has some stability. But turning around the design and manufacturing businesses won’t be easy.

Incoming Intel CEO Lip-Bu Tan faces the challenge of turning around the chipmaker, which employs 20,000 workers in the Portland area.

Intel ’s stock is soaring after Lip-Bu Tan, a respected veteran in the semiconductor industry, was chosen as its new CEO. The appointment comes three months after the chipmaker, which falling behind in the A.I. race pushed out former head Pat Gelsinger.

Intel appointed Lip-Bu Tan as its CEO following the retirement of former CEO Pat Gelsinger in late 2024. In a press release, Intel said Tan will start as its chief executive officer effective March 18,

U.S. chipmaker Intel's new CEO Lip-Bu Tan will receive an initial base salary of $1 million, the company said in a regulatory filing on Friday. Tan, who will take charge on March 18, will also be eligible for an annual cash bonus with a target payout of 200% of his base salary.