Mr. Tan retains an active role in many small and midsize tech hardware companies. He was named executive chairman last May of SambaNova Systems, a company competing with Nvidia, the world’s dominant developer of artificial intelligence chips. He is also chairman of Credo Technology Group Holding, a maker of communications chips.

Intel named Lip-Bu Tan as its new chief executive, naming an outsider to help turnaround the beleaguered semiconductor company. Tan, the former CEO of Cadence Design Systems, steps in as the semiconductor manufacturer has lost market share and struggled to execute a strategy to keep up with other chip makers.

Intel Corporation has announced that its board of directors has appointed Lip-Bu Tan as chief executive officer, effective March 18.

The appointment of Lip-Bu Tan, 65, a prominent tech leader, follows a tumultuous period for the semiconductor giant that saw declining revenue and share prices.

A veteran of the semiconductor industry, Lip-Bu Tan has an even longer track record as a technology investor, particularly in Chinese companies.