Intel names Lip-Bu Tan as its new CEO

Intel has appointed Lip-Bu Tan, former Cadence CEO and Intel board member, to lead the company as it navigates increasing losses within its foundry division.

This appointment follows Pat Gelsinger's recent departure as CEO, leaving a temporary leadership void filled by co-CEOs Michelle Johnston Holthaus and David Zinsner. Tan is expected to assume his new role on March 18th.

A prominent figure in the semiconductor industry, Tan brings a wealth of experience to Intel. He founded venture capital firm Walden Capital and has served on the boards of numerous technology companies, including SMIC, Flextronics, Mindtree, Hewlett Packard Enterprise, Ambarella, Schneider Electric, Inphi, Nuvia, and Softbank.

Tan's relationship with Intel is multifaceted. He served on the company's board of directors from 2022 until his resignation in 2024, shortly after Intel announced significant workforce reductions and cost-cutting measures. However, his resignation was officially attributed to personal reasons.

Tan is known for his successful leadership at Cadence Systems, where he oversaw a remarkable 3,200 percent increase in the company's share price during his decade-long tenure as CEO. Wall Street appears optimistic that he can replicate this success at Intel, as evidenced by a surge in the company's share price following the announcement. This positive reaction came after Intel's stock lost more than half its value the preceding year.

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KitGuru says: Intel spent a lot of money setting up its Foundry Services business. Recent reports indicate that Intel 18A, the first Intel node to be offered to outside customers, is just around the corner. 

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