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Lip-Bu Tan Named Intel CEO to Lead Turnaround Efforts

The seasoned semiconductor veteran and former Cadence CEO takes over as Intel faces significant challenges in AI and chip manufacturing.

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Cadence Design CEO Lip-Bu Tan delivers the key-note address during the CDN Live conference in Bangalore on November 19, 2009. CDN Live is a global series of events bringing together electronics designers and engineers using Cadence products. AFP PHOTO/Dibyangshu SARKAR (Photo credit should read DIBYANGSHU SARKAR/AFP via Getty Images)
A sign is shown at the entrance to the headquarters of Intel Corporation in Santa Clara, California February 2, 2010. REUTERS/Robert Galbraith/File Photo
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Overview

  • Lip-Bu Tan, former CEO of Cadence Design Systems, will officially assume the role of Intel CEO on March 18, succeeding interim co-CEOs David Zinsner and Michelle Johnston Holthaus.
  • Intel's stock surged over 11% following the announcement, reflecting investor optimism about Tan's leadership and his track record of driving shareholder value.
  • Tan inherits a company grappling with a $19 billion loss in 2024, delayed manufacturing projects, and struggles to compete in the AI chip market dominated by Nvidia.
  • As CEO, Tan aims to focus on engineering, customer satisfaction, and calculated risks to restore Intel's competitive edge in both chip design and manufacturing.
  • Intel's board highlighted Tan's deep industry connections and extensive experience in semiconductors as key assets for navigating the company's turnaround.