Intel (INTC) appointed Lip-Bu Tan as its new CEO, and in his message to employees, he talked about creating the “new Intel.” Notably, when his predecessor Pat Gelsinger took office in 2021, he also embarked upon “transforming” Intel under the IDM 2.

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.

Shares of the beat-up chipmaker rose 12% in premarket trading on Thursday as Intel announced Lip-Bu Tan as its permanent CEO. Tan was the longtime CEO of Cadence Design Systems (CDNS) from 2009 to 2021.