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.

Lip-Bu Tan may be one of the most powerful technology executives you've never heard of. As he steps into one of the highest-profile jobs on the planet, CEO of troubled, storied chipmaker Intel, his performance will be on full display.

Intel’s newly appointed CEO, industry veteran Lip-Bu Tan, is set to receive a $1 million annual salary, with the potential to earn up to $2 million in bonuses each year, according to a regulatory filing.

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,

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.

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.

The former CEO of Cadence Design Systems, steps in as the semiconductor manufacturer has lost market share.

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

Intel Corporation stock rises as new CEO Lip-Bu Tan brings semiconductor expertise. Click for my updated view of whether INTC can turn itself around.