Intel has appointed Lip-Bu Tan, a major figure in the semiconductor industry, as CEO, the company announced late Wednesday.

Tan succeeds interim co-CEOs David Zinsner and Michelle Johnston Holthaus. He’ll also rejoin the Intel board of directors after stepping down from the board in August 2024, Intel said. Zinsner will remain Intel’s CFO, while Johnston Holthaus will remain CEO of the company’s Intel Products division.

Tan, a Malaysia-born longtime tech investor, formerly served as CEO of Cadence Design Systems. He was a manager at two energy firms, EDS Nuclear and ECHO Energy, and a partner at the Walden USA investment fund before founding venture capital firm Walden International in 1987.

Tan is exceptionally well-connected in the tech industry, and a director on the boards of Hewlett Packard Enterprise, Schneider Electric, and SoftBank. He’s also widely respected as a business leader. After Intel announced Tan’s appointment, the company’s stock jumped around 11% in after-hours trading.

In a statement, Tan said that Intel will be an “engineering-focused company” under his leadership.

“We will push ourselves to develop the best products, listen intently to our customers, and hold ourselves accountable to the commitments we make so that we build trust,” he said. “We also have a responsibility to deliver for our shareholders — something I am equally focused on and expect will be an outcome of our renewed focus on customers.”