Intel appointed Lip-Bu Tan as its new CEO, replacing interim co-CEOs David Zinsner and MJ Holthaus after Pat Gelsinger’s turbulent tenure.

Tan, former CEO of Cadence Design Systems and an ex-Intel board member, aims to revitalize the company amid declining sales and AI struggles.

Intel’s stock surged 12% on the news.

The company has faced mounting investor pressure, costly chip production plans, and competition from Nvidia, which recently replaced Intel in the Dow Jones Industrial Average, CNBC has reported.

Tan, Intel’s fourth CEO in seven years, is expected to drive a turnaround and regain market momentum.

Written by B.C. Begley