Intel appoints new CEO

Intel announced the selection of Lip-Bu Tan as its new CEO.

Previously the head of Cadence Design Systems, Tan is taking over for Intel interim co-CEOs David Zinsner and MJ Holthaus. They took on the interim roles after the ouster in December of Intel CEO Patrick Gelsinger.

"In areas where we have momentum, we need to double down and extend our advantage," Tan said. "In areas where we are behind the competition, we need to take calculated risks to disrupt and leapfrog. And in areas where our progress has been slower than expected, we need to find ways to pick up the pace."

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