Intel's new CEO, Lip-Bu Tan, indicates he wants the company to remain in the expensive foundry business, rather than spin it off.

Semiconductor veteran and former board member Lip-Bu Tan has returned to the company in a time of great need. The path ahead is rocky.

Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs.

Intel has a new boss. The new chief executive officer is Lip-Bu Tan, a former Intel board of directors member and chip software maker Cadence Design Systems. He’s promising to “double down” on things that are working and “take calculated risks” where things aren’t working nearly as well.

A veteran of the semiconductor industry, Lip-Bu Tan has an even longer track record as a technology investor, particularly in Chinese companies.

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