Intel ( INTC) named Lip-Bu Tan its new CEO, sending the chipmaker's stock higher in after-hours trading Wednesday. Tan, who is set to take the helm of Intel as of next Tuesday, is the former CEO of Cadence Design Systems ( CDNS ), a semiconductor software company that counts Intel among its partners.

Intel said on Wednesday that Lip-Bu Tan is taking over as CEO, three months after Pat Gelsinger resigned from the post.

In his letter to Intel employees, new chief executive officer Lip-Bu Tan, who starts his new job next Tuesday, tells them that he is “never deterred by

The former CEO of Cadence Design Systems, steps in as the semiconductor manufacturer has lost market share.

Intel appoints Lip-Bu Tan as its new CEO on Wednesday. TakeAway Points: Intel announced Lip-Bu Tan as its new CEO on Wednesday. Prior to this, Tan served as the CEO of Cadence Design Systems, a software company that supplies all of the major chip designers,

Shares of Intel Corp. jumped 15% after the company named Lip-Bu Tan as its next chief executive officer, entrusting a former board member and semiconductor veteran with one of the toughest jobs in the chip industry.

Intl said former Cadence Design Systems chief executive Lip-Bu Tan will be the company's next chief executive. Former co-CEOs Michelle Johnston Holthaus and David Zinsner will remain at the company.

Struggling chipmaker Intel on Wednesday named former board member Lip-Bu Tan as its CEO effective March 18, more than three months after the it ousted company veteran Pat Gelsinger.

Intel on Wednesday named former board member and chip industry veteran Lip-Bu Tan as its CEO and signaled the struggling but storied chipmaker was unlikely to split up its chip-design and manufacturing operations.