Intel Appoints New CEO to Spearhead Turnaround Effort
Intel has appointed a new CEO as the semiconductor leader strives to rebound from its current challenges. several bruising years That witnessed the former industry frontrunner lag behind many of its competitors. The firm declared on Wednesday that they have appointed veteran technology investor and semiconductor sector leader Lip-Bu Tan as their new CEO, following the departure of ex-CEO Pat Gelsinger. resigned in December . Following the announcement, Intel's stock surged approximately 13% during after-hours trading. By Wednesday's close, however, the company's share price had dropped over 54%, indicating significant investor worry regarding the firm's prospects. Tan served over ten years as the CEO of Cadence Design Systems, a technology design company, where he orchestrated "a transformation of the business," as stated by Intel. Additionally, he co-founded and manages Walden Catalyst Ventures, an investment firm focused on semicond...