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Intel announced on Wednesday that its new CEO will be at the helm of the chip maker.
Next week, when CEO Lip-Bu Tan assumes his position at Intel, he will do his job to stimulate the company and increase his competitiveness.
“I'm honored to be part of Intel as CEO,” he said in a statement. “I have tremendous respect and admiration for this iconic company, and I believe there is an important opportunity to rebuild our business in a way that makes our customers even better and creates value for our shareholders.”
(Illustrated by Reuters/Dad Luvik)
Tan takes over Lead Intel. Inter have been running as interim co-CEOs since Pat Gelsinger's departure from Tuesday, with David Jinner and Michelle Johnston Holtaus.
Some well-known companies and their CEOs parted ways this year.
“Lip-Bu is the exceptional leader Intel needs in the next CEO with its technology industry expertise, deep relationships across the product and casting ecosystem, and proven track record in creating shareholder value,” said Frank Yeary of Intel.
According to Intel, Tan Tech Company Cadence Design Systems has been CEO for about 12 years from 2009 to 2021.
The chipmaker said Cadence saw its revenues double that size, but Tan is leading the company.
He is also one of the founding and managing partners of Walden Catalyst Ventures. The venture capital firm said on its website that its “focus” is “data, deep tech, AI, cloud, fintech and digital biology.”
According to Intel, Tan currently has board seats for the Credo Technology Group and Schneider Electric.
Intel CEO Lip-Bu Tan (BusinessWire/Intel)
Overall, he has more than 20 years of “semiconductor and software experience and a deep connection between the entire Intel ecosystem,” the company said.
Tan will once again become a member of Intel's board of directors when he becomes CEO. He previously attended the board of directors from September 2022 to August 2024.
Intel has struggled amid the rise of rivals such as Nvidia and Taiwan Semiconductor Manufacturing Co.
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Tan said in a message published on Intel's website that he was part of the company.
“Intel plays an important role in the technological ecosystem in the US and around the world, and together we are confident that we can turn our business around,” he said.
Tan said Intel “will develop the best products, listen diligently to our customers, push ourselves to hold them accountable for the commitments we make, and we will build trust under his leadership.”
“The areas behind the competition need to disrupt the calculated risk. “And in areas where our progress is slower than expected, we need to find new ways to pick up the pace.”
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Intel generated revenue of $53.1 billion in 2024, a 2% decline from the previous year. It also saw a net loss of $18.8 billion over the course of 12 months.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| INTC | Intel Corp. | 23.70 | +3.02 |
+14.60% |
The company's market capitalization hovered around $1031.5 billion as of early Thursday afternoon.
Eric Rebel contributed to this report.
