(NASDAQ: INTC) stock is surging higher in Thursday's trading following the announcement of the company's next CEO. The company's share price was up 15.6% as of noon ET.

Intel announced yesterday Lip-Bu Tan as its new CEO yesterday. Tan was previously the CEO of Cadence Design Systems and had also served on Intel's board of directors prior to resigning last year. Investors are excited about what his appointment to the Intel CEO role could mean for the company.

Lip-Bu Tan will officially step into the CEO role on March 18, and the tech industry veteran will have his work cut out for him. Intel is facing tough competition in the chip design space, with the company losing market share in its core PC and server markets recently.

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Source Fool.com