Shortly after Intel announced his hiring Wednesday afternoon, new CEO Lip-Bu Tan greeted the chipmaker’s employees on a conference call promising a “new Intel” focused on pleasing customers and shareholders.

Intel shares surged Thursday after the struggling chipmaker named Lip-Bu Tan its new CEO, raising hopes for a turnaround.

Intel Corp on Wednesday announced tech industry veteran Lip-Bu Tan (陳立武) as its new chief executive, boosting shares of the US computer chipmaker struggling to catch up in the artificial intelligence (AI) race. Tan told the Intel team his focus would be on engineering, saying it “won’t be easy” to overcome challenges faced by the company.

Shares of Intel closed 14% higher on Thursday, as Wall Street cheered its decision to name former board member Lip-Bu Tan as CEO, who left in August over differences about the chipmaker's direction, after several years of market underperformance.