Intel has appointed Lip-Bu Tan, a significant 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 Merchandise division.
Tan, a Malaysia-born, longtime tech investor, previously served as CEO of Cadence Design Programs. He was a supervisor at two power corporations, EDS Nuclear and ECHO Power, and a accomplice on the Walden USA funding fund earlier than founding enterprise capital agency Walden Worldwide in 1987.
Tan is exceptionally well-connected within the tech trade, and a director on the boards of Hewlett Packard Enterprise, Schneider Electrical, 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 statement, Tan stated that Intel might be an “engineering-focused firm” below his management.
“We’ll push ourselves to develop the most effective merchandise, pay attention 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 targeted on and anticipate might be an end result of our renewed concentrate on clients.”
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