Intel has appointed former Cadence CEO and Intel board member Lip-Bu Tan as its new leader, aiming to address mounting losses from its foundry business. The announcement comes three months after Pat Gelsinger was removed as CEO without a succession plan. Tan will replace interim co-CEOs Michelle (MJ) Johnston Holthaus and David Zinsner on March 18. Known throughout the semiconductor industry, Tan has served on numerous technology boards and has prior foundry experience with China’s Semiconductor Manufacturing International Co (SMIC). During his time at Cadence Systems, Tan oversaw a 3,200 percent increase in share price, raising optimism for Intel’s future. Despite this, challenges remain significant, as Intel reported $18.8 billion in losses in 2024. In a letter to employees, Tan emphasized the need for change and risk-taking to improve Intel’s competitive position.
— news from The Register
