Intel late on Wednesday said it had appointed Lip-Bu Tan as its new chief executive officer effective March 18, 2025. Lip-Bu Tan is a semiconductor industry veteran who served Intel's board of directors from 2022 to August, 2024, when he left allegedly due to disagreements over the company's strategic direction. He was among people who were publicly considered for the role. In addition to becoming the CEO, he will also re-join the BOD.
"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," said Frank D. Yeary, chairman of Intel.
Tan brings decades of leadership experience, particularly from his time as CEO of Cadence Design Systems between 2009 and 2021. During his tenure, he focused on customer-driven innovation and cultural transformation of the company, which resulted in more than doubling the revenue and a significant growth of margins.
During his tenure at Cadence, he also forged relationships across the whole semiconductor industry that span from foundries to chip designers, which is good news as he understands the needs of Intel's Products division and its customers as well as Intel's Foundry unit and its clients.
In his remarks, he mentioned both Intel products and existing customers as well as the importance of developing a process technology roadmap, which may imply a commitment to retain the Intel Foundry unit as part of the company.
"I am honored to join Intel as CEO," said Lip-Bu Tan. "I have tremendous respect and admiration for this iconic company, and I see significant opportunities to remake our business in ways that serve our customers better and create value for our shareholders. Intel has a powerful and differentiated computing platform, a vast customer installed base and a robust manufacturing footprint that is getting stronger by the day as we rebuild our process technology roadmap. I am eager to join the company and build upon the work the entire Intel team has been doing to position our business for the future."
"Like many across the industry, I have worked closely with Lip-Bu in the past and have seen firsthand how his relentless attention to customers drives innovation and success," Yeary said. "We are delighted to have Lip-Bu as our CEO as we work to accelerate our turnaround and capitalize on the significant growth opportunities ahead."
Traditionally, Intel was led by executives with an engineering background and the only exception was Paul Otellini, who had a business background and was appointed CEO in the mid-2000s. Tan brings the best of both worlds though.
Tan's educational background includes a Bachelor of Science in Physics from Nanyang Technological University in Singapore, a Master of Science in Nuclear Engineering from the Massachusetts Institute of Technology, and an MBA from the University of San Francisco.
Lip-Bu Tan is a well-known investment businessman. Tan's investment firm, Walden International, has backed companies and startups across the semiconductor, alternative energy, and digital media sectors in both the U.S. and Asia. Notable investments include Ambarella, Creative Technology, S3 Graphics, and Sina Corp., the owner of Weibo (a Chinese microblogging platform).
David Zinsner and Michelle Johnston Holthaus, who served as interim co-CEOs, will continue in their roles as executive vice president and CFO, and CEO of Intel Products, respectively. Frank D. Yeary, who served as interim executive chair, will resume his position as independent chair of the board.
