On Wednesday, Intel announced a new CEO, which will be in effect on 18 March 2025. The newest member is former board member and chip industry veteran Lip-Bu Tan. He was one of Intel's board members last year.
Reuters reported that Tan left the board last year due to his frustrations and disagreements to turn around the company. The board then approached Tan in December 2024 to gauge his interest, and with this appointment, he will rejoin the board. His appointment was met with positive views in the chip industry thanks to his "intrinsic understanding of the semiconductor industry".
It was only three months ago that Intel removed former CEO Pat Gelsinger. In case you missed it, his ambitious plan to turn Intel around was costly and failed to impress investors. It was quite a decline until Intel's stock went down 60% last year. But with the new appointment, the shares increased 12%.
Tan is 65 years old this year and was born in Malaysia. However, he spent most of his life in Singapore. He graduated with degrees in Physics, Nuclear Engineering and Business Administration, and in addition, he also served as CEO of Intel supplier and chip-design software Cadence Design Systems from 2009 to 2021. During his term, the company's revenue and stock surged.
Tan has long admired Intel and also shared a letter to Intel employees on Wednesday, saying, "We will work hard to restore Intel's position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before".
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