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Intel appointed a new CEO late last night.
Previously, Tan was CEO of Cadence Design Systems from 2009 until 2021.
New Intel CEO Lip-Bu Tan served as CEO of Cadence Design Systems from 2009 until 2021.
During his tenure there, company revenue more than doubled and Cadence Design Systems revenue spiked.
In addition to serving as CEO, Tan will become a member of the Intel board of directors.
Tan’s appointment comes three months after thesudden departure of former CEO Pat Gelsinger.
Former Intel CEO Pat Gelsinger left the company suddenly and in need of course correction.
Tan shared the following on his new role:
“I am honored to join Intel as CEO.
Tan’s appointment goes back to Intel’s roots of having executives with engineering experience.
Tan has degrees in physics, nuclear engineering, and business administration.
Yeary was Intel’s interim executive chair while the company was without a CEO.
He will now return to being an independent chair of the company’s board.
Zinser is Intel’s executive vice president and CFO and Holthaus is CEO of Intel Products.
Restoring Intel
Intel struggled mightily under the leadership of Gelsinger.
Previous reports by Reuters indicate that Broadcom and TSMC are separately evaluating Intel’s manufacturing business.
Either of those tech giants could explore a partnership or another form of collaboration with Intel’s manufacturing business.
Now, new CEO Tan has the task of correcting the path of Intel.
Intel stock rose 12% on the day Tan was announced as CEO.
