Intel said on Wednesday that Lip-Bu Tan is taking over as CEO, three months after Pat Gelsinger resigned from the post.

Tan succeeds interim co-CEOs David Zinsner and Michelle Johnston Holthaus. He’ll also rejoin the Intel board of directors after stepping down from the board in August 2024, Intel said. Zinsner will remain Intel’s CFO, while Johnston Holthaus will remain CEO of the company’s Intel Products division.

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.