Intel names Lip-Bu Tan as new CEO
Astro Awani
March 13, 2025 11:15 MYT
March 13, 2025 11:15 MYT
Intel Corporation (INTC.O) has appointed semiconductor Malaysian-born industry veteran and former board member Lip-Bu Tan as its new chief executive officer, with his tenure beginning on March 18. File pic by Intel
Intel Corporation (INTC.O) has appointed semiconductor Malaysian-born industry veteran and former board member Lip-Bu Tan as its new chief executive officer, with his tenure beginning on March 18.
The decision follows the company’s removal of Pat Gelsinger as CEO three months ago, amid investor unease over the financial strain caused by his turnaround strategy, according to Reuters.
Tan, a seasoned technology investor and the former CEO of Cadence Design Systems, was first approached by Intel’s board in December regarding his interest in the role.
In a message to employees, he expressed confidence in Intel’s ability to regain its leadership position.
Following the announcement, Intel’s shares climbed 12% in after-hours trading. Analysts largely welcomed the appointment, viewing it as a move that could stabilise the company, which has seen its stock value drop 60% over the past year.
Originally from Malaysia and raised in Singapore, the 65-year-old executive holds degrees in physics, nuclear engineering, and business administration.
During his tenure at Cadence Design Systems from 2009 to 2021, the company saw significant revenue and stock growth.
Tan previously served on Intel’s board but stepped down last year due to disagreements over the company’s restructuring approach.
His concerns reportedly centered on Intel’s large workforce, its contract manufacturing strategy, and its cautious corporate culture. With his new role, he will also be rejoining the board.