Lip-Bu Tan. Image: Intel
The new leader comes with more than two decades of experience in the semiconductor and software industry.
More than three months after Pat Gelsinger announced he was stepping down, chip giant Intel has appointed its new CEO.
Lip-Bu Tan will take up the role from 18 March, succeeding interim co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus.
The new leader comes with more than two decades of experience in the semiconductor and software industry.
He served as CEO of Cadence Design Systems, which designs software for chipmakers, from 2009 until 2021. During his time in this role, Cadence more than doubled its revenue. He is also a founding managing partner of Walden Catalyst Ventures and chair of Walden International.
He will also rejoin the Intel board of directors after stepping down from the board in August 2024.
Tan’s appointment comes at a turbulent time for Intel, having seen historic stock drops and major cost-cutting efforts. Upon the announcement of the new CEO, the company’s stock rallied slightly.
Frank D Yeary, who took on the role of interim executive chair of Intel’s board during the search for a new CEO, said Tan is an exceptional leader and is “exactly what Intel needs” as its CEO.
“Throughout his long and distinguished career, he has earned a reputation as an innovator who puts customers at the heart of everything he does, delivers differentiated solutions to win in the market and builds high-performance cultures to achieve success,” he said.
“Like many across the industry, I have worked closely with Lip-Bu in the past and have seen firsthand how his relentless attention to customers drives innovation and success.”
In a published message to Intel employees, Tan acknowledged that it has been “a tough few years” for the company and its employees.
“One of the things you will learn about me is that I am never deterred by challenges. Throughout my career, they have motivated me to solve hard problems. As I prepare to come on board, I believe we have a truly unique opportunity to remake our company at one of the most pivotal moments in its history,” he said.
“Under my leadership, Intel will be an engineering-focused company. We will push ourselves to develop the best products, listen intently to our customers and hold ourselves accountable to the commitments we make so that we build trust.”
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