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.

Intel (NASDAQ: INTC) has appointed Lip-Bu Tan as its new CEO, effective March 18, with a $1 million annual salary and up to $2 million in potential cash bonuses, according to a regulatory filing on Friday.

Lip-Bu Tan is seen as a “transformative” leader who will move to cut costs. But both halves of Intel’s business require major fixes.

U.S. chipmaker Intel's new CEO Lip-Bu Tan will receive a salary of $1 million and be eligible for an annual cash bonus of up to $2 million, the company said in a regulatory filing on Friday. The company named Tan as the CEO on Wednesday,

After months of searching for a new CEO following the abrupt retirement of former CEO Pat Gelsinger, Intel (NASDAQ: INTC) has landed on Lip-Bu Tan. Tan led Cadence Design Systems, a provider of software for designing semiconductor chips,