Intel’s previous CEO, Pat Gelsinger, abruptly retired last year amid a deepening downturn that triggered massive layoffs.

The appointment of Lip-Bu Tan, 65, a prominent tech leader, follows a tumultuous period for the semiconductor giant that saw declining revenue and share prices.

Intel has named a new chief executive, as the chipmaking giant attempts to recover from several bruising years that saw the one-time industry leader fall behind most of its rivals.