Intel (NASDAQ: INTC) has appointed Lip-Bu Tan as its new CEO, effective March 18, with a $1 million annual salary and up to $2 million in potential cash bonuses, according to a regulatory filing on Friday.

By Aditya Soni (Reuters) -Shares of Intel closed 14% higher on Thursday, as Wall Street cheered its decision to name former board member Lip-Bu Tan as CEO, who left in August over differences about the chipmaker's direction,

Together, we will work hard to restore Intel’s position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before,” Tan said in a letter to Intel employees on Wednesday.

In his letter to Intel employees, new chief executive officer Lip-Bu Tan, who starts his new job next Tuesday, tells them that he is “never deterred by

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.

The chip giant must try to maintain x86 dominance while adapting to AI-driven computing and emerging architectures.

Tan will have his work cut out for him, as Intel has lost much of its market share after missing the AI boom. Shares of Intel Corporation (NASDAQ:INTC) surged more than 15% on Thursday as Wall Street welcomed the chipmaker’s appointment Wednesday of new CEO Lip-Bu Tan,

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

Intel appointed Lip-Bu Tan as its new CEO, according to CNBC. Tan is the former CEO of Cadence Design Systems and an ex-Intel board member.