SANTA CLARA, Calif.–(BUSINESS WIRE)–Intel Corporation (Nasdaq: INTC) has announced that its board of directors has appointed Lip-Bu Tan as the new chief executive officer, effective March 18. Tan, a seasoned technology leader with extensive semiconductor industry experience, succeeds Interim Co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Additionally, Tan will rejoin the Intel board of directors after stepping down in August 2024.
Zinsner will continue as executive vice president and chief financial officer, while Johnston Holthaus will remain CEO of Intel Products. Frank D. Yeary, who served as interim executive chair of the board during the CEO search, will return to his role as independent chair upon Tan’s appointment.
“Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO,” Yeary stated.
Tan expressed his honor in joining Intel, emphasizing the opportunities to enhance the business for customers and shareholders. He highlighted Intel’s robust computing platform, vast customer base, and strengthening manufacturing footprint.
Tan brings over 20 years of semiconductor and software experience, having served as CEO of Cadence Design Systems from 2009 to 2021. During his tenure, Cadence doubled its revenue, expanded operating margins, and achieved a stock price appreciation exceeding 3,200%.
— news from Business Wire