Intel has appointed Lip-Bu Tan, a leading figure in the semiconductor industry, as CEO. The company announced late Wednesday.
Tan will replace interim co-CEOS David Jinner and Michelle Johnston Holsouth. He will also rejoin Intel’s board of directors after resigning from the board in August 2024, Intel said. Zinsner remains Intel’s CFO, and Johnston Holthaus will remain CEO of the company’s Intel Products division.
A longtime high-tech investor born in Malaysia, Tan was previously CEO of Cadence Design Systems. He was manager of two energy companies, Eds Nuclear and Echo Energy, and a partner in the Walden USA Investment Fund before establishing venture capital firm Walden International in 1987.
Tan is very well connected in the tech industry and is the director of the boards of Hewlett-Packard Enterprises, Schneider Electric and Softbank. He is also widely respected as a business leader. After Intel announced Tan’s appointment, the company’s shares rose by around 11% in after-hours trading.
In a statement, Tan said Intel will become an “engineering-centric company” under his leadership.
“We push ourselves to develop the best products, listen diligently to our customers and hold ourselves accountable for the commitment we make to build trust,” he said. “We also have a responsibility to deliver to shareholders. I have an equal focus and sometimes I expect the results of new focus on our customers.”
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