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Lip-Bu Tan, former Cadence Design Systems CEO (2009-2021) and a key figure in the electronic design automation (EDA) industry, has been appointed as Intel’s new CEO. Tan, who previously served on Intel’s board, reportedly clashed with Pat Gelsinger and other executives over layoff plans before stepping down.

Tan was instrumental in turning around Cadence, doubling revenue and transforming it into a leader in chip design software and AI-driven semiconductor development. Now, as Intel’s CEO, he faces the challenge of reviving the company’s engineering focus and execution, particularly in foundry and product leadership starting with Intel’s 18A process.

Market response sees Intel stock up ~11%.

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