With the goal of steering the company towards a better and brighter future, Intel has announced the appointment of Lip-Bu Tan as the new CEO of the semiconductor giant. This decision by the board of directors aims to reclaim Intel’s position as an industry leader amid the evolving technological landscape. Tan will succeed former interim co-CEOs David Zinsner and Michelle Johnston Holthaus, who stepped in following the departure of the previous CEO, Pat Gelsinger, in late 2024. Moreover, Frank D. Yeary, who became the board’s interim executive chairman during the CEO-less period, will revert back to his old position of independent board chair.
On this development, Yeary said, “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.” On the other hand, Tan also shared his thoughts on becoming the CEO of the revered organisation by saying, “I am honoured 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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It is worth noting that following the announcement of the new CEO, Intel’s stock surged nearly 15%, reflecting investor optimism about the leadership change. Tan’s appointment comes when Intel navigates fierce competition and a shifting market, with plans to strengthen its foundry ambitions and product innovation.
