Dhaka, March 13 -- Intel on Wednesday named former board member and chip industry veteran Lip-Bu Tan as its CEO and signaled the struggling but storied chipmaker was unlikely to split up its chip-design and manufacturing operations.

The appointment, effective March 18, comes three months after Intel ousted CEO and company veteran Pat Gelsinger, whose costly and ambitious plan to turn the company around was faltering and sapping investor confidence.

Tan, a former Intel board member, had been seen as a CEO contender thanks to his deep experience in the chip industry as well as a longtime technology investor in promising startups. He was approached by Intel's board in December to gauge his interest in taking up the job, Reuters had reporte...