Intel just appointed industry veteran Lip-Bu Tan as its new CEO, giving him the challenge of turning around the struggling chipmaker. Tan, a former Intel board member and longtime semiconductor leader,

Tan succeeds interim co-CEOs David Zinsner and Michelle Johnston Holthaus. He’ll also rejoin the Intel board of directors after stepping down from the board in August 2024, Intel said. Zinsner will remain Intel’s CFO, while Johnston Holthaus will remain CEO of the company’s Intel Products division.

Intel announced the end of its search for a new CEO with the hire of Lip-Bu Tan on Wednesday afternoon. Shares jumped 12% in after-hours trading, building on the day’s 4.6% gain. Tan replaces interim CEOs David Zinsner and Michelle Johnston Holthaus who were installed temporarily in the wake of former CEO Pat Gelsinger’s resignation in December.