Intel has appointed Lip-Bu Tan as its CEO. The American chipmaker was without a chief executive for three months after Pat Gelsinger was ousted in

Intel has tapped former Cadence CEO and Intel board member Lip-Bu Tan to lead the embattled x86 chipmaker as it struggles to overcome mounting losses stemming from its foundry business. The announcement, made Wednesday afternoon, comes just over three months after Pat Gelsinger was abruptly dumped as chief exec with no succession plan to speak of.

Shares of Intel surged 12 per cent 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,