Intel named Lip-Bu Tan as its new chief executive, selecting a former board member and longtime industry executive to help turn itself around. Shares stood 15% higher in midday trading. 🔎 Dig deeper

Shares of Intel Corp. jumped 15% after the company 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.

Intel on Wednesday (Mar 12) named former board member and chip industry veteran Tan Lip-Bu as its CEO and signalled the struggling but storied chipmaker was unlikely to split up its chip-design and manufacturing operations.