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.

Tan has been given the responsibility to oversee Intel’s transformation into both a successful chip manufacturing firm and a competitive chip design company.

Intel appoints Lip-Bu Tan as its new CEO, offering him a $1 million salary and a potential $2 million annual cash bonus. Tan's contract includes signi