Intel Corp. announced late Wednesday that it has appointed Chen Liwu, a key figure in the semiconductor industry, as the company's chief executive officer. Chen Liwu will succeed interim co-CEOs David Zinsner and Michelle Johnston Holthaus. Intel said he will also rejoin Intel's board of directors after stepping down in August 2024.
Zinsner will continue to serve as Intel's chief financial officer, and Johnston Holthaus will continue to serve as chief executive officer of Intel's product division.
Chen Liwu is a Malaysian-born long-term technology investor and former CEO of Cadence Design Systems. He was a manager of two energy companies, EDSNuclear and ECHO Energy, and a partner of the WaldenUSA investment fund. In 1987, he founded the venture capital company Walden International.
Chen is well-connected in the technology industry and sits on the boards of Hewlett Packard Enterprise, Schneider Electric and SoftBank. He is also a widely respected business leader. After Intel announced Chen Liwu's appointment, the company's stock price rose by about 11% in after-hours trading.