The semiconductor pioneer has appointed Lip-Bu Tan, a well-known tech investor and executive, as its new leader.

Intel named Lip-Bu Tan as its new chief executive, naming an outsider to help turnaround the beleaguered semiconductor company. Tan, the former CEO of Cadence Design Systems, steps in as the semiconductor manufacturer has lost market share and struggled to execute a strategy to keep up with other chip makers.

Intel has named a new chief executive, as the chipmaking giant attempts to recover from several bruising years that saw the one-time industry leader fall behind most of its rivals.

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.