Key Takeaways Intel named Lip-Bu Tan its new CEO, effective March 18. Tan is the former CEO of Cadence Design Systems, a semiconductor software company that has partnered with Intel.The chipmaker had been searching for a permanent CEO since Pat Gelsinger's retirement late last year.

Intel said on Wednesday that Lip-Bu Tan is taking over as CEO, three months after Pat Gelsinger resigned from the post.

Intel has appointed Lip-Bu Tan as its new CEO amidst the company's turnaround effort and reports that TSMC is looking to run its manufacturing business.