Intel Corporation has announced the appointment of Lip-Bu Tan as its new chief executive officer, effective March 18. Tan, a seasoned technology leader with extensive experience in the semiconductor industry, will succeed Interim Co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Along with his new role, Tan will rejoin Intel’s board of directors, having previously stepped down in August 2024.
In his continued leadership at Intel, Zinsner will retain his position as executive vice president and chief financial officer, while Johnston Holthaus will remain CEO of Intel Products. Additionally, Frank D. Yeary, who has been serving as interim executive chair of the board during the CEO search, will resume his prior role as independent chair of the board upon Tan’s appointment.
Frank D. Yeary emphasized the significance of Tan’s leadership, stating, “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.” He further praised Tan’s customer-centric approach, ability to deliver differentiated solutions, and success in fostering high-performance cultures.
Yeary also highlighted Tan’s impact on the industry, saying, “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. 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.”
Expressing his enthusiasm for the new role, Tan stated, “I am honored to join Intel as CEO. 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.”
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Tan further underscored Intel’s strengths, noting, “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.”
Yeary extended his appreciation to the interim co-CEOs, saying, “On behalf of the board, I would like to thank Dave and Michelle for their steadfast leadership as interim co-CEOs. Their discipline and focus have been a source of stability as we continue the work needed to deliver better execution, rebuild product leadership, advance our foundry strategy, and begin to regain investor confidence.”
A distinguished technology investor and executive, Tan brings over two decades of experience in the semiconductor and software industries, along with deep connections within Intel’s ecosystem. His tenure as CEO of Cadence Design Systems from 2009 to 2021 saw him spearhead a transformation that prioritized customer-driven innovation. Under his leadership, Cadence more than doubled its revenue, expanded operating margins, and saw its stock price increase by over 3,200%.
Tan’s extensive leadership experience includes serving on the Cadence board of directors for 19 years and holding the position of executive chairman from 2021 to 2023 following his CEO tenure. He is also a founding managing partner of Walden Catalyst Ventures and chairman of Walden International. Additionally, he holds board positions at Credo Technology Group and Schneider Electric.
Tan’s academic credentials include 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. In recognition of his contributions to the semiconductor industry, he was honored with the Robert N. Noyce Award by the Semiconductor Industry Association in 2022.