Intel shares powered higher in early Thursday trading after the struggling chipmaker named industry veteran and former board member Lip-Bu Tan as its new CEO, sparking a fresh round of speculation on its plans to split into two separate companies.

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.

Intel named Lip-Bu Tan as its new chief executive, selecting a former board member and longtime industry executive to help turn itself around. Shares stood 15% higher in midday trading. 🔎 Dig deeper