Wall Street analysts see Lip-Bu Tan's appointment as Intel's CEO as good news, but Intel employees are preparing for a major overhaul.

Shortly after Intel announced his hiring Wednesday afternoon, new CEO Lip-Bu Tan greeted the chipmaker’s employees on a conference call promising a “new Intel” focused on pleasing customers and shareholders.

Incoming Intel CEO Lip-Bu Tan brings "instant credibility" that should help restore investor confidence and support the company's efforts to become a major contract chipmaker, Wall Street analysts said on Thursday.