Intel’s choice of new chief executive gives investors cause for cheer

News Snapshot:

Intel’s decision to hire a little-known semiconductor dealmaker as its chief executive has cheered investors who want an outsider to turn around the troubled chipmaker. The US group announced on Wednesday that Lip-Bu Tan, who joined Intel’s board in 2022 but resigned last year, had been chosen to replace Pat Gelsinger. Wall Street welcomed the move by sending Intel’s shares up nearly 15 per cent last week. But the decision came after a deliberative process, with chairman Frank Yeary saying the board had met “many strong leaders” before settling on the Malaysia-born, Mandarin-speaking, MIT-educated executive – whose interest in the...