Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs to attempt to turn around a once-dominant company that helped define Silicon Valley.
Tan, 65, will take over the daunting job next Tuesday, more than three months after Intel’s previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn that triggered massive layoffs and raised questions about the chipmaker’s ability to survive as an independent company.
This won’t be Tan’s first time running a semiconductor company, nor his first association with Intel. He spent more than a decade as CEO of Cadence Design Systems, which makes software that helps designs processors, and joined Intel’s board of directors in 2022 before stepping down last August. Tan will rejoin Intel’s board in addition to becoming CEO.
“Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO,” Intel’s interim Executive Chairman Frank Yeary said.
Intel has been led by interim co-CEOs, David Zinsner and Michelle Johnston Holthaus, since Gelsinger walked a