Intel has a new boss. The new chief executive officer is Lip-Bu Tan, a former Intel board of directors member and chip software maker Cadence Design Systems. He’s promising to “double down” on things that are working and “take calculated risks” where things aren’t working nearly as well.

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.