Intel has appointed former Lip-Bu Tan as its new CEO, effective March 18. Tan will also rejoin the board of directors, having stepped down in August 2024 after reportedly clashing with then-CEO Pat Gelsinger over the management of the company.

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.

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. Tan, 65, will assume the role on March 18, the company said in a statement Wednesday.