Intel Stock Rallies After Company Names New CEO: What To Know

Intel Corp. INTC shares are climbing in after-hours trading Wednesday after the company announced a new chief executive officer.

The Details: Intel said its board of directors has appointed Lip-Bu Tan, a former member of Intel’s board of directors, as chief executive officer, effective March 18.

Tan will succeed Interim Co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Zinsner will remain executive vice president and chief financial officer, and Johnston Holthaus will remain CEO of Intel Products.

Frank D. Yeary, who took on the role of interim executive chair of the board during the search for a new CEO, will revert to being the independent chair of the board upon Tan becoming CEO. Tan will also rejoin the Intel board of directors after stepping down from the board in August 2024.

“Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO," Yeary said.

"Throughout his long and distinguished career, he has earned a reputation as an innovator who puts customers at the heart of everything he does, delivers differentiated solutions to win in the market and builds high-performance cultures to achieve success,” Yeary added.

The company had been searching for a new CEO since Dec. 1, 2024, when former CEO Pat Gelsinger stepped down after a challenging tenure at the company.

On his appointment, Tan said: "I am honored to join Intel as CEO. I have tremendous respect and admiration for this iconic company, and I see significant opportunities to remake our business in ways that serve our customers better and create value for our shareholders.”

INTC Price Action: According to data from Benzinga Pro, Intel shares were up 11.41% at $23.04 at the time of publication Wednesday.

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