Intel, the US-based chipmaking giant, has named industry veteran Lip-Bu Tan as its new CEO, effective March 18. The appointment comes as Intel seeks to recover from one of its most challenging periods,

Intel has announced the appointment of Lip-Bu Tan as its new CEO, a semiconductor industry veteran who has focused on the software but nonetheless is very familiar with Intel. Tan previously was CEO of Cadence Design Systems, the maker of software products used to use to design and verify complex electronic systems.