US chipmaker Intel's new CEO Tan Lip-Bu will receive a salary of US$1 million and be eligible for an annual cash bonus of up to US$2 million, the company said in a regulatory filing on Friday (Mar 14).

In his letter to Intel employees, new chief executive officer Lip-Bu Tan, who starts his new job next Tuesday, tells them that he is “never deterred by

Intel ( INTC) named Lip-Bu Tan its new CEO, sending the chipmaker's stock higher in after-hours trading Wednesday. Tan, who is set to take the helm of Intel as of next Tuesday, is the former CEO of Cadence Design Systems ( CDNS ), a semiconductor software company that counts Intel among its partners.

With a permanent CEO, Intel now has some stability. But turning around the design and manufacturing businesses won’t be easy.

Tan will have his work cut out for him, as Intel has lost much of its market share after missing the AI boom. Shares of Intel Corporation (NASDAQ:INTC) surged more than 15% on Thursday as Wall Street welcomed the chipmaker’s appointment Wednesday of new CEO Lip-Bu Tan,

Turning around Intel is a huge undertaking , especially if, as Tan said this week, he aims to keep both Intel design and foundry units. Even if TSMC might be interested in a joint foundry venture — a big if — it would take a miracle to keep Intel whole.

Intel appointed Lip-Bu Tan as its new CEO, aiming to stabilize the company after a turbulent period under Pat Gelsinger.