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.

Tan is allegedly looking to make staffing cuts and sweeping changes to the company's AI and chip manufacturing strategies.

Silicon Valley investors love to romanticize iconoclasts and visionaries who bend technology and markets to their iron will. Intel’s latest CEO, Lip-Bu Tan, will put this “great man theory” to the test when he takes charge of the $110 billion chipmaker on Tuesday.

When Pat Gelsinger tool the helm at Intel in 2021, the company was already in rough shape. Here's what Intel's new CEO is walking into.

Since Intel Corp. announced that Lip-Bu Tan would take over as CEO last week, the company’s shares have soared. Now, as Tan assumes his job, it is far from clear how he will fulfill the big hopes that have been placed on his shoulders.