Chip Veteran Lip-Bu Tan Appointed as Intel's New CEO

Lip-Bu Tan has been named the new CEO of Intel, set to begin his role on March 18, following the departure of Pat Gelsinger. Tan takes over from interim co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus, marking a significant leadership change for the semiconductor giant.

With over twenty years in the semiconductor and software sectors, Tan brings a wealth of experience to Intel. He previously served as the CEO of Cadence Design Systems from 2009 to 2021, a company known for its software that supports chipmakers. During Tan's leadership, Cadence saw its revenue more than double, showcasing his capability in driving growth.

Additionally, Tan is a founding managing partner of Walden Catalyst Ventures and chairs Walden International, further solidifying his position as a prominent figure in the tech industry. He will also rejoin the Intel board of directors after stepping down in August 2024.

Tan's appointment comes at a challenging time for Intel, which has recently faced significant stock declines and major cost-cutting measures. However, the announcement of his new role led to a modest rally in the company's stock.

Frank D. Yeary, who filled the interim executive chair role of Intel’s board during the CEO search, praised Tan as an exceptional leader, stating that he is “exactly what Intel needs.” Yeary emphasized that Tan has built a reputation for innovation, ensuring customer focus and delivering competitive solutions.

In a message to Intel employees, Tan acknowledged the difficulties the company has faced in recent years but expressed confidence in the opportunities ahead. He stated, "One of the things you will learn about me is that I am never deterred by challenges. I believe we have a unique opportunity to remake our company at one of the most pivotal moments in its history."

Under Tan's leadership, Intel aims to become a more engineering-focused company, prioritizing the development of quality products, listening to customers, and building trust through accountability.

Leadership, Semiconductors, Innovation