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.

Lip-Bu Tan may be one of the most powerful technology executives you've never heard of. As he steps into one of the highest-profile jobs on the planet, CEO of troubled, storied chipmaker Intel, his performance will be on full display.

Intel ( INTC) named Lip-Bu Tan its new CEO, sending the chipmaker's stock higher in after-hours trading Wednesday. Tan, who is set to take the helm of Intel as of next Tuesday, is the former CEO of Cadence Design Systems ( CDNS ), a semiconductor software company that counts Intel among its partners.

Intel lured new CEO Lip-Bu Tan with a package of stock grants and options valued at $66 million, plus $3 million in salary and cash bonuses, the chipmaker reported late Friday. In addition, Tan will receive annual stock awards valued at no less than $24 million beginning next year.

Intel on Wednesday named former board member and chip industry veteran Lip-Bu Tan as its CEO and signaled the struggling but storied chipmaker was unlikely to split up its chip-design and manufacturing operations.

Intel named Lip-Bu Tan as its new chief executive, selecting a former board member and longtime industry executive to help turnaround the beleaguered semiconductor company. Tan, the former CEO of Cadence Design Systems,

In his letter to Intel employees, new chief executive officer Lip-Bu Tan, who starts his new job next Tuesday, tells them that he is “never deterred by

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,