New York CNN —
Intel has named a new chief executive, as the chipmaking giant attempts to recover from several bruising years that saw the one-time industry leader fall behind most of its rivals.
The company announced Wednesday that it has named longtime tech investor and semiconductor industry executive Lip-Bu Tan as chief executive, after former CEO Pat Gelsinger resigned in December.
Intel’s stock jumped nearly 13% in after-hours trading following the announcement. As of Wednesday’s closing bell, the company’s shares had fallen more than 54%, signaling investors’ deep concern about the company’s future.
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