Intel (INTC) appointed Lip-Bu Tan as its new CEO, and in his message to employees, he talked about creating the “new Intel.” Notably, when his predecessor Pat Gelsinger took office in 2021, he also embarked upon “transforming” Intel under the IDM 2.

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.

Shares of Intel closed 14% higher on Thursday, as Wall Street cheered its decision to name former board member Lip-Bu Tan as CEO, who left in August over differences about the chipmaker's direction, after several years of market underperformance.