Struggling chipmaker Intel sees shares jump 12% as it names new CEO to end 3-month suspense

Struggling chipmaker Intel sees shares jump 12% as it names new CEO to end 3-month suspense

Struggling chipmaker Intel has appointed former board member and semiconductor expert Lip-Bu Tan as its new CEO. Following the announcement, Intel’s shares surged by 12 per cent.

In 2023 alone, Intel’s stock lost around 60 per cent of its value, and the company was forced to cut approximately 15 per cent of its workforce. Image Credit: Reuters