Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs.

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.

Shares of Intel Corp. jumped the most in five years after the company named Lip-Bu Tan as its next chief executive officer, entrusting a former board member and semiconductor veteran with one of the toughest jobs in the chip industry.