Intel just appointed industry veteran Lip-Bu Tan as its new CEO, giving him the challenge of turning around the struggling chipmaker. Tan, a former Intel board member and longtime semiconductor leader,

Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs to attempt to turn around a once-dominant company that helped define Silicon Valley.

Intel has tapped former Cadence CEO and Intel board member Lip-Bu Tan to lead the embattled x86 chipmaker as it struggles to overcome mounting losses stemming from its foundry business. The announcement, made Wednesday afternoon, comes just over three months after Pat Gelsinger was abruptly dumped as chief exec with no succession plan to speak of.