Intel's new CEO: Chip world veteran Lip-Bu Tan

Intel has tapped former Cadence CEO and Intel board member Lip-Bu Tan to lead the embattled x86 chipmaker as it struggles to overcome mounting losses stemming from its foundry business.

The announcement, made Wednesday afternoon, comes just over three months after Pat Gelsinger was abruptly dumped as chief exec with no succession plan to speak of.

Tan, who had been rumored as a possible replacement for Gelsinger as far back as December, is set to relieve interim co-CEOs Michelle (MJ) Johnston Holthaus and David Zinsner, on March 18.

The former Cadence boss and founder of VC outfit Walden Capital is well known throughout the semiconductor industry having served on the boards of numerous technology outfits including Samba Nova, Habana Labs, Nuvia, Inphi, Annapurna Labs, Hewlett Packard Enterprise, Schneider Electric, and Softbank, to name just a handful.

Tan also has foundry experience having previously served on the board of directors of ...