Intel Corp named Lip-Bu Tan as its next chief executive officer, 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 March 18, the company said in a statement Wednesday. He will rejoin the board as well after stepping down in August 2024.

Lip-Bu Tan may be one of the most powerful technology executives you've never heard of. As he steps into one of the highest-profile jobs on the planet, CEO of troubled, storied chipmaker Intel, his performance will be on full display.

Intel has tapped former Cadence CEO and Intel board member Lip-Bu Tan to lead the embattled x86 chipmaker as it struggles to overcome mounting losses stemming from its foundry business. The announcement, made Wednesday afternoon, comes just over three months after Pat Gelsinger was abruptly dumped as chief exec with no succession plan to speak of.