Intel has appointed a brand new CEO, three months after former CEO Pat Gelsinger was pushed out of the corporate. The corporate’s new chief government is Lip-Bu Tan, who served as CEO of chip design {hardware} and providers firm Cadence from 2009 to 2021 and as a member of Intel’s board of administrators from 2022 to 2024.
Whereas Intel’s official story was that Gelsinger retired after lower than 4 years within the CEO submit, reporting shortly got here out that he was pushed out by the board of administrators after they misplaced religion in his technique to show issues round on the beleaguered firm. Gelsinger labored at Intel for 30 years, from 1979 to 2009, earlier than leaving and ultimately returning in 2021 to take the CEO job.
Tan will take over as CEO on March 18th from interim co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Zinser will proceed to be Intel’s CFO, whereas Johnston Holthaus will nonetheless be CEO of Intel Merchandise.
“Intel has a strong and differentiated computing platform, an enormous buyer put in base and a sturdy manufacturing footprint that’s getting stronger by the day as we rebuild our course of know-how roadmap,” Tan says in an announcement. “I’m keen to affix the corporate and construct upon the work the whole Intel crew has been doing to place our enterprise for the long run.”
This isn’t the primary time Tan has been tapped to grow to be CEO following a interval on an organization’s board; that occurred with Cadence as effectively. In accordance with Intel’s press launch, Tan greater than doubled Cadence’s income whereas he was CEO.