Intel Corporation has announced the appointment of Lip-Bu Tan as its new Chief Executive Officer, effective March 18. He will succeed interim co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Tan will also rejoin Intel’s Board of Directors, having previously stepped down in August 2024.
Following this leadership transition, Zinsner will continue as Executive Vice President & Chief Financial Officer, while Johnston Holthaus will remain CEO of Intel Products. Meanwhile, Frank D. Yeary, who served as interim executive chair during the CEO search, will return to his role as independent chair of the board.
Tan brings over two decades of experience in the semiconductor and software industries, with a strong network within Intel’s ecosystem. Previously, he served as CEO of Cadence Design Systems (2009-2021), leading a significant transformation that more than doubled the company’s revenue, expanded operating margins, and resulted in a 3,200% increase in stock price.
He remained on Cadence’s Board of Directors from 2004 through 2023, serving as Executive Chairman from 2021 to 2023. Additionally, he is a founding managing partner of Walden Catalyst Ventures and chairman of Walden International. Tan also holds board positions at Credo Technology Group and Schneider Electric.
The leadership change follows a challenging period for Intel, which saw the exit of former CEO Pat Gelsinger after falling short on manufacturing and AI goals, resulting in financial and operational struggles. Intel’s most recent earnings report revealed $14.26 billion in revenue, surpassing the projected $13.81 billion, yet marking a 7% year-over-year decline—the company’s third consecutive quarterly drop.
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Commenting on Tan’s appointment, Frank Yeary stated, “Lip-Bu is a visionary leader with deep expertise in technology, strong industry relationships, and a proven ability to drive shareholder value. We are confident he will accelerate Intel’s turnaround and position us for future growth.”
Tan, in his address to employees, emphasized Intel’s commitment to engineering excellence and innovation-driven transformation. “We are the founders of ‘The New Intel.’ We will learn from our past, turn setbacks into strengths, and take decisive actions to reach our full potential,” he said.
He also reiterated Intel’s goal of reclaiming its position as a global leader in chip manufacturing and expanding its foundry business. “Together, we will restore Intel’s status as a world-class products company, build a world-class foundry, and exceed customer expectations like never before,” he added.
Speculation has been growing over a possible collaboration between TSMC, Nvidia, and Broadcom regarding a joint venture to acquire and manage Intel’s foundry division. While Intel has not confirmed these discussions, the industry is closely watching how Tan navigates these strategic decisions.
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