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Struggling chipmaker Intel on Wednesday named former board member Lip-Bu Tan as its CEO effective March 18, more than two months after the it ousted company veteran Pat Gelsinger.
Tan, a well-respected semiconductor industry veteran, has long been seen as a CEO contender. He was approached by Intel’s board in December, Reuters had reported, to gauge his interest in taking up the job.
Shares of the company rose 11% in extended trading.
