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.

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.