Together, we will work hard to restore Intel’s position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before,” Tan said in a letter to Intel employees on Wednesday.

“We believe (Intel) has a greater opportunity to restructure/turn things around under his leadership,” Bank of America’s Vivek Arya told clients in a note Thursday. Arya raised his rating on Intel’s stock to “neutral” from “underperform,” saying Tan brings deep expertise and connections throughout the interconnected semiconductor marketplace.