Intel’s stock climbed over 1% in pre-market trading Friday, extending Thursday’s near-15% rally after the company named Lip-Bu Tan its new CEO. The appointment ends over three months of leadership uncertainty following Pat Gelsinger’s forced retirement in December.

Intel Corp. has appointed Lip-Bu Tan as CEO of the company. He follows the retirement of Pat Gelsinger from the company in December.

Intel has tapped former Cadence CEO and Intel board member Lip-Bu Tan to lead the embattled x86 chipmaker as it struggles to overcome mounting losses stemming from its foundry business. The announcement, made Wednesday afternoon, comes just over three months after Pat Gelsinger was abruptly dumped as chief exec with no succession plan to speak of.