Intel has appointed Lip-Bu Tan, a seasoned semiconductor industry leader, as its new chief executive officer, effective March 18. Tan, who previously served on Intel's board until August 2024, will also rejoin the board, succeeding interim co-CEOs David Zinsner and Michelle Johnston Holthaus.
Tan's appointment follows a rigorous board-led search and comes as Intel aims to accelerate its turnaround, strengthen its semiconductor market position, and capitalize on growth opportunities. Frank D. Yeary, independent chair of Intel's board, praised Tan's "technology industry expertise, deep relationships across product and foundry ecosystems, and proven track record of creating shareholder value."
Tan is best known for his tenure as CEO of Cadence Design Systems from 2009 to 2021, where he drove revenue growth of over 100%, expanded margins, and delivered a stock price increase of more than 3,200%. He currently serves on the boards of Credo Technology Group and Schneider Electric and is a founding managing partner of Walden Catalyst Ventures.
"Intel has a powerful computing platform, a vast customer base, and a strengthening manufacturing footprint," Tan said. "I see significant opportunities to remake our business to better serve customers and create shareholder value."
Zinsner will continue as CFO, and Johnston Holthaus will remain CEO of Intel Products, both reporting to Tan. Yeary highlighted the interim leaders' role in stabilizing the business, stating, "Their discipline has positioned Intel to deliver better execution, rebuild product leadership, and advance our foundry strategy."
Industry observers see Tan's appointment as a strategic move to bolster Intel's competitiveness in the semiconductor sector.
Article edited by Joseph Chen
