The news brings an end to a tumultuous period for the once iconic American semiconductor company that's shed billions in market value as it largely sits out the artificial intelligence boom that has lifted the broader industry. Intel's board forced out Gelsinger late last year as confidence dwindled in his ability to turn around the company.
Wall Street appeared to support Intel's decision, with Deutsche Bank analyst Ross Seymore calling the appointment a "desirable outcome." Tan's semiconductor industry experience and prior board position also prime him to "meet the demands" of the role, he added.