Intel has named Lip-Bu Tan as its new CEO. Tan, who previously sat on Intel’s board, was most recently the chairman at Walden International and Managing Partner at Walden Catalyst Ventures. He is noted for winning the Robert N. Noyce Award in 2022, joining the ranks of other semiconductor leaders like Nvidia’s Jensen Huang and AMD’s Lisa Su.

Tan steps into this role amid challenges faced by Intel, including ongoing speculation about potential acquisitions and the current state of its product line. Previous interim co-CEOs David Zinsner and Michelle Johnston Holthaus will continue their involvement in the company, with Holthaus leading Intel Products and Zinsner remaining in his role as CFO.

“Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs moving forward,” remarked Frank D. Yeary.