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Intel Hires Chip Industry Veterans to Drive CEO Tan’s Turnaround Strategy

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Intel has announced the hiring of three prominent chip industry veterans on Wednesday, as part of CEO Lip-Bu Tan’s broader plan to restructure leadership and revive the company’s competitiveness. The move aligns with Tan’s push to streamline operations, elevate engineering focus, and boost customer satisfaction in a difficult market environment.

The newly appointed executives — Srinivasan Iyengar, Jean-Didier Allegrucci, and Shailendra Desai — will take on major engineering and technical roles within the company. These hires reflect Tan’s determination to prioritize technical leadership and innovation as Intel seeks to rebuild market confidence and strengthen its foundry ambitions.

  • Iyengar, formerly of Cadence Design Systems, will lead a newly created customer engineering center and report directly to Tan.

  • Allegrucci, previously with Rain AI, will oversee the development of AI System-on-Chip (SoC) engineering.

  • Desai, who joins from Google, will spearhead new AI chip architecture initiatives. Both Allegrucci and Desai will report to Sachin Katti, Intel’s Chief Technology and AI Officer.

Tan, who took the helm in March 2025, has been making bold changes to Intel’s organizational structure, including reducing bureaucracy by flattening leadership layers. He has also restructured the sales team by promoting Greg Ernst, a longtime Intel executive, to Chief Revenue Officer, placing him in charge of global revenue operations.

“Greg, Srini, J-D and Shailendra are highly accomplished leaders… and they will each play important roles as we position our business for the future,” Tan stated.

In addition to executive hires, Intel also reshuffled its board, aiming to bring in more semiconductor-specific expertise. Three existing board members stepped down at the company’s 2025 annual meeting, clearing space for more industry-aligned oversight.

These changes come amid ongoing financial and competitive pressures for Intel, which has struggled to regain its edge against rivals like AMD, NVIDIA, and TSMC. With a renewed emphasis on AI innovation and foundry success, Tan’s leadership marks a decisive shift toward engineering-led transformation.

Intel Announces Board Reshuffle Amid Turnaround Efforts

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Intel has announced that three board members—Omar Ishrak, Tsu-Jae King Liu, and Risa Lavizzo-Mourey—will not stand for reelection at the company’s 2025 annual meeting, according to a regulatory filing on Thursday. This move is part of Intel’s ongoing board restructuring to align with its renewed focus on the semiconductor industry under newly appointed CEO Lip-Bu Tan.

The changes will reduce the board’s size to 11 members. Meanwhile, Intel has already bolstered its leadership with industry veterans Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology, who joined in December. These appointments mark a shift away from Intel’s previous board composition, which included leaders from academia, finance, and healthcare.

In a letter to shareholders, Tan emphasized his commitment to Intel’s turnaround strategy, focusing on both product innovation and contract chip manufacturing. His appointment follows the departure of former CEO Pat Gelsinger, whose severance package was approximately $7.9 million.

Intel Shares Surge 14% Following Appointment of New CEO Lip-Bu Tan

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Shares of Intel surged nearly 14% on Thursday, following the announcement that Lip-Bu Tan, former board member, has been appointed as the new CEO. Tan, who had left the company in August due to differences over its direction, is now tasked with revitalizing the chipmaker, which has faced several years of underperformance in the market.

Intel has struggled to capitalize on the artificial intelligence-driven semiconductor boom, having lost market share in the data center and PC markets while facing significant losses in its manufacturing division. Over the past five years, the company’s stock has dropped about 60%, underperforming the broader market, with the Nasdaq and S&P 500 more than doubling in that period.

Analysts are optimistic about Tan’s appointment, citing his extensive relationships within the chip ecosystem, which could help bring customers to Intel’s contract manufacturing business. TD Cowen analysts noted that Tan’s deep connections in the industry made his appointment the best possible option for stakeholders. Tan will officially take over next week, just three months after Intel ousted Pat Gelsinger as CEO.

Tan had been on Intel’s board for two years, where he helped strategize the company’s turnaround. His departure in August was due to disagreements over workforce size and company culture, but his return brings renewed hope. Despite recent skepticism about Intel’s future, analysts expect Tan to continue the approach set by Gelsinger, focusing on keeping chip design and manufacturing together. Tan also expressed a goal to make Intel a leading foundry, a term used for companies that contract out chip manufacturing.

Despite his strong track record at Cadence Design Systems, where he led a decade of growth, analysts caution that a turnaround at Intel will take time. The company’s market value has struggled to surpass $100 billion for the first time in three decades, and Intel’s AI chip business has failed to meet sales targets. However, analysts remain hopeful, with some believing that Tan’s previous tenure at Intel will provide him with a deep understanding of the company’s challenges.

Still, analysts remain divided, with many holding a “hold” rating on Intel’s stock, as the company continues to face challenges, including stiff competition from rivals like Broadcom and TSMC. Experts like Dan Morgan, senior portfolio manager at Synovus Trust, believe Intel may still require a strong partnership to successfully navigate its foundry business and return to profitability.