Intel Appoints Lip-Bu Tan as CEO to Lead Turnaround Effort

The semiconductor veteran faces the challenge of revitalizing Intel after years of market struggles and leadership changes.

Lip-Bu Tan, former CEO of Cadence Design Systems, will assume the role of Intel CEO on March 18, replacing interim co-CEOs David Zinsner and Michelle Johnston Holthaus.
Intel's stock surged over 10% following the announcement, reflecting investor optimism about Tan's potential to drive a turnaround.
Tan aims to position Intel as a 'world-class foundry' and maintain its chip design and manufacturing operations, despite speculation about potential business splits.
Intel has faced significant challenges, including a 60% stock decline in 2024, missed opportunities in the AI chip market, and multibillion-dollar losses in manufacturing operations.
Tan's leadership is expected to focus on customer satisfaction, engineering excellence, and calculated risks to regain competitiveness in the semiconductor industry.