Intel appoints Lip-Bu Tan as new CEO, stock up 11%

Group 1 - Intel appointed Lip-Bu Tan as its new CEO, previously the CEO of Cadence Design Systems and a former board member of Intel [1] - The appointment marks the end of a tumultuous period for Intel, with shares rising over 13% in extended trading following the announcement [2] - Tan is the fourth permanent CEO in seven years, succeeding interim co-CEOs David Zinsner and MJ Holthaus, who took over after the ousting of former CEO Patrick Gelsinger [3] Group 2 - Intel issued a weak forecast in January despite beating earnings and revenue expectations, citing seasonality, economic conditions, and competition as factors affecting its outlook [4]