Intel has appointed Lip-Bu Tan, a major figure in the semiconductor industry, as CEO, the company announced late Wednesday. Tan succeeds interim co-CEOs David Zinsner and Michelle Johnston Holthaus. Hell also rejoin the Intel board of directors after stepping down from the board in August 2024, Intel said. Zinsner will remain Intels CFO, while Johnston Holthaus will remain CEO of the companys Intel Products division.Tan, a Malaysia-bornlongtime tech investor, formerly served as CEO of Cadence Design Systems. He was a manager at two energy firms, EDS Nuclear and ECHO Energy, and a partner at the Walden USA investment fund before founding venture capital firm Walden International in 1987.Tan is exceptionally well-connected in the tech industry, and a director on the boards of Hewlett Packard Enterprise, Schneider Electric, and SoftBank. Hes also widely respected as a business leader. After Intel announced Tans appointment, the companys stock jumped around 11% in after-hours trading.In a statement, Tan said that Intel will be an engineering-focused company under his leadership.We will push ourselves to develop the best products, listen intently to our customers, and hold ourselves accountable to the commitments we make so that we build trust, he said. We also have a responsibility to deliver for our shareholders something I am equally focused on and expect will be an outcome of our renewed focus on customers.