After months of searching for a new CEO following the abrupt retirement of former CEO Pat Gelsinger, Intel (NASDAQ: INTC) has landed on Lip-Bu Tan. Tan led Cadence Design Systems, a provider of software for designing semiconductor chips,

Intel shares surged Thursday after the struggling chipmaker named Lip-Bu Tan its new CEO, raising hopes for a turnaround.

Intel finally got a new CEO this week: Lip-Bu Tan, a former board member and longtime CEO of chipmaking software veteran Cadence Design Systems.

Intel 's newly appointed Chief Executive Officer (CEO), Lip-Bu Tan, will receive a compensation package worth around $69 million. The details of the package were revealed in a recent company filing. It includes an annual salary of $1 million and a performance-based bonus of up to 200%.

Together, we will work hard to restore Intel’s position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before,” Tan said in a letter to Intel employees on Wednesday.