Intel appoints Lip-Bu Tan as new CEO, stock up 11%
1. Lip-Bu Tan appointed new CEO of Intel Corporation, effective immediately. 2. Tan previously led Cadence Design Systems, a major software firm for chip design. 3. Shares rose over 13% following the announcement of Tan's appointment. 4. This marks Intel's fourth CEO change in seven years amidst persistent challenges. 5. Intel's prior weak forecast highlights ongoing economic and competitive pressures.