Intel announced the appointment of Lip-Bu Tan as CEO, aiming to stabilize the situation after the resignation of previous CEO Pat Gelsinger. Tan will begin his duties on March 18.
He will replace interim co-CEOs David Zinsner and Michelle Johnston Holthouse, who have been in charge since December 2024, when Gelsinger resigned.
Tan will also return to Intel’s board of directors after leaving it in August 2024.
It is noted that Tan is a long-time technology investor and respected executive with more than 20 years of experience in the semiconductor and software industries and has deep relationships with Intel.
From 2009 to 2021, he was CEO of Cadence Design Systems, which develops software for leading chipmakers, including Intel.
“During his tenure as CEO, Cadence doubled its revenue, increased its operating margin, and delivered a stock price increase of more than 3,200%,” the statement said.
He is also a founding managing partner of Walden Catalyst Ventures and chairman of Walden International, an investment firm specializing in technology venture capital.