Intel has a new leader at the helm, hoping to change course after a challenging period for the chipmaker. The company announced today that Lip-Bu Tan will serve as its new CEO effective March 18. He assumes the mantle from interim Co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus, who took over after the abrupt retirement of Pat Gelsinger late last year.

"Intel has a powerful and differentiated computing platform, a vast customer installed base and a robust manufacturing footprint that is getting stronger by the day as we rebuild our process technology roadmap," Tan said. "I am eager to join the company and build upon the work the entire Intel team has been doing to position our business for the future."

As part of his appointment, Tan will also rejoin Intel's board of directors. He had previously been a board member, but quit after two years in August 2024. While the move was publicly credited as a personal decision by Tan, sources suggested he was frustrated by Intel's risk-averse strategy and culture.

Tan is a veteran of the semiconductor and software industries. He spent more than a decade as the CEO of Cadence Design Systems, as well as 19 years on the company's board of directors. Tan has a long history as a tech investor as a founding managing partner of Walden Catalyst Ventures and chairman of Walden International.

Intel attracted negative press in the past year for issues with CPU instability, followed by a huge number of layoffs. But the heart of its problems date much farther back, and it could take more than just a new CEO to fully right the ship.