Shortly after Intel announced his hiring Wednesday afternoon, new CEO Lip-Bu Tan greeted the chipmaker’s employees on a conference call promising a “new Intel” focused on pleasing customers and shareholders.

Incoming Intel CEO Lip-Bu Tan brings "instant credibility" that should help restore investor confidence and support the company's efforts to become a major contract chipmaker, Wall Street analysts said on Thursday.

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 Corp. named Lip-Bu Tan as its next CEO, 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 Tuesday, March 18, the California-based company said in a statement Wednesday, March 12. He will rejoin the board as well after stepping down in August 2024.

The appointment of Lip-Bu Tan, 65, a prominent tech leader, follows a tumultuous period for the semiconductor giant that saw declining revenue and share prices.