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,

Intel Corp. has appointed Lip-Bu Tan as CEO of the company. He follows the retirement of Pat Gelsinger from the company in December.

Intel ’s stock is soaring after Lip-Bu Tan, a respected veteran in the semiconductor industry, was chosen as its new CEO. The appointment comes three months after the chipmaker, which falling behind in the A.I. race pushed out former head Pat Gelsinger.