Intel has appointed Lip-Bu Tan as its new CEO to replace the recent interim leaders following Pat Gelsinger's abrupt retirement. Gelsinger's tenure saw a steep decline in stock price and massive layoffs, leading to questions about Intel's independence. Tan, a semiconductor veteran and former board member, will step into the role next week, with hopes that his experience and leadership will guide Intel through its current difficulties and restore shareholder value. The company also faces operational delays and financial challenges as it moves forward with new projects.
Tan will take over the daunting job next Tuesday, more than three months after Intel's previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn.
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.
Leading up to his departure last year, Intel laid off 17,500 of its employees—about 15% of its workforce—and suspended its dividend to save money.
More recently, Intel delayed the opening of two new chip factories in Ohio to ensure the projects are completed in a financially responsible manner.
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