Intel has appointed Lip-Bu Tan, a serious determine within the semiconductor trade, as CEO, the corporate introduced late Wednesday.
Tan succeeds interim co-CEOs David Zinsner and Michelle Johnston Holthaus. He’ll additionally rejoin the Intel board of administrators after stepping down from the board in August 2024, Intel stated. Zinsner will stay Intel’s CFO, whereas Johnston Holthaus will stay CEO of the corporate’s Intel Products division.
Tan, a Malaysia-born longtime tech investor, previously served as CEO of Cadence Design Systems. He was a supervisor at two power companies, EDS Nuclear and ECHO Energy, and a companion on the Walden USA funding fund earlier than founding enterprise capital agency Walden International in 1987.
Tan is exceptionally well-connected within the tech trade, and a director on the boards of Hewlett Packard Enterprise, Schneider Electric, and SoftBank. He’s additionally broadly revered as a enterprise chief. After Intel introduced Tan’s appointment, the corporate’s inventory jumped round 11% in after-hours buying and selling.
In a press release, Tan stated that Intel will probably be an “engineering-focused firm” beneath his management.
“We will push ourselves to develop one of the best merchandise, hear intently to our clients, and maintain ourselves accountable to the commitments we make in order that we construct belief,” he stated. “We even have a accountability to ship for our shareholders — one thing I’m equally centered on and count on will probably be an end result of our renewed deal with clients.”
