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Intel Announces New CEO to Lead Chipmaker Forward
Intel announced on Wednesday that Lip-Bu Tan will take over as the company’s new CEO. Tan, who will assume the role next week, faces the challenge of revitalizing Intel and enhancing its competitiveness in the semiconductor industry.
"It is an honor to join Intel as CEO," Tan said in a statement. "I have great respect and admiration for this iconic company, and I see significant opportunities to reshape our business to better serve our customers and create value for our shareholders."
Tan succeeds David Zinsner and Michelle Johnston Holthaus, who have served as interim CEOs since Pat Gelsinger’s departure at the end of last year.
A Proven Leader in the Tech Industry
Frank Yeary, Intel’s Chairman, praised Tan’s leadership, stating, "Lip-Bu is an exceptional leader whose expertise in the technology industry, deep relationships across product and foundry ecosystems, and proven track record of creating shareholder value make him the ideal choice to lead Intel."
Tan previously served as CEO of Cadence Design Systems, a tech company he led from 2009 to 2021. Under his leadership, Cadence doubled its revenue. He is also a founding partner of Walden Catalyst Ventures, a venture capital firm focused on data, deep tech, AI, cloud, fintech, and digital biology. Additionally, Tan holds board positions at Credo Technology Group and Schneider Electric.
Intel’s Challenges and Opportunities
Intel has faced stiff competition from rivals like Nvidia and Taiwan Semiconductor Manufacturing Co. (TSMC). In 2024, the company reported $53.1 billion in revenue, a 2% year-over-year decline, and a net loss of $18.8 billion.
Tan expressed confidence in Intel’s potential, stating, "I joined Intel because I believe, with every fiber of my being, that we have what it takes to win. Intel plays a critical role in the global technology ecosystem, and together, I believe we can transform our business."
He emphasized the need for innovation and calculated risks, saying, "In areas where we are competitive, we must take bold steps to disrupt and leap ahead. And in areas where progress has been slower than expected, we must find new ways to accelerate."
Market Performance and Future Outlook
As of Thursday afternoon, Intel’s stock (NASDAQ: INTC) was trading at $23.70, reflecting a 14.60% increase. The company’s market capitalization stood at approximately $103.15 billion.
Tan is set to join Intel’s Board of Directors upon becoming CEO. He previously served on the board from September 2022 to August 2024.
Other Notable CEO Changes in 2024
This year has seen several high-profile CEO transitions across major companies. For example, Nokia recently appointed Justin Hotard, head of AI and data centers at Intel, as its new CEO.
Intel’s leadership change marks a pivotal moment for the company as it seeks to reclaim its position as a leader in the semiconductor industry.
Eric Revel contributed to this report.
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