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.

Lip-Bu Tan may be one of the most powerful technology executives you've never heard of. As he steps into one of the highest-profile jobs on the planet, CEO of troubled, storied chipmaker Intel, his performance will be on full display.

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.

The chip company's shares were gaining early Monday as more details emerge about new Chief Executive Lip-Bu Tan's plans.

Intel's incoming CEO Lip-Bu Tan has considered significant changes to its chip manufacturing methods and AI strategies ahead of his return.

Intel's new CEO Lip-Bu Tan, reportedly, is thinking of a revamp of the company's AI strategy and manufacturing operations, as well as potential job cuts.