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

The 65-year-old seasoned professional from the semiconductor sector, who has held a board position at Intel in the past, is responsible for enhancing efforts to bring the company back to the leading position in an industry it ruled for many years.

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,