Today, Intel is celebrating the appointment of former Board Member Lip-Bu Tan as the new CEO. Following Intel’s announcement, the company’s shares soared by 10% in premarket trading.
Tan assuming the role of CEO is a relief for investors as Intel works to overcome recent struggles. The company parted ways with former CEO Pat Gelsinger after falling behind its rivals in the chip-making race.
Intel’s stock has decreased by approximately 60% over the past five years. However, the market has responded positively to the management changes, and the future looks more promising for the company to achieve revenue gains this fiscal year.
Tan stated in a letter to investors: “I’m humbled and honored to be your next CEO… I know it has been a tough few years for all of you and your teams. One of the things you will learn about me is that I am never deterred by challenges. Throughout my career, they have motivated me to solve hard problems. As I prepare to come on board, I believe we have a truly unique opportunity to remake our company at one of the most pivotal moments in its history.”
Tan is set to begin CEO duties before the end of March.
Click here to read our editorial on Bob Swan, former CEO of Intel
By CEO NA Editorial Staff
