Intel has appointed Lip-Bu Tan as its new CEO, effective March 18, as the company struggles to recover from a challenging period. Tan, a highly regarded semiconductor industry veteran, had long been considered a strong contender for the top role after Intel ousted its previous CEO, Pat Gelsinger, last year.
Tan, 65, is a Malaysian-born executive with an extensive background in both technology investment and chipmaking. He studied physics at Nanyang Technological University in Singapore before pursuing a master’s degree in nuclear engineering from the Massachusetts Institute of Technology (MIT). He also holds an MBA from the University of San Francisco.
Tan is well-known in the semiconductor sector, having served in various leadership roles. He is the chairperson of Walden International, a San Francisco-based venture capital firm, which he has led since 1984. From 2009 to 2021, Tan served as the CEO of Cadence Design Systems, an Intel supplier and chip-design maker.
Throughout his career, Tan has been involved with major technology companies. He has served on the boards of Hewlett Packard Enterprise and SoftBank Group. Tan was appointed to Intel’s board in 2022 as part of efforts to revitalize the company and restore its leadership in the global semiconductor market. The following year, Intel expanded his responsibilities to include overseeing manufacturing operations. However, Tan stepped down from the board in 2023 after disagreements with the company’s direction.
In his first letter to Intel employees, Tan emphasized his commitment to keeping Intel’s design and manufacturing businesses intact, signaling that he would not pursue splitting them up. He expressed confidence in the company’s potential to turn things around, stating, “Intel plays an essential role in the technology ecosystem, both in the U.S. and around the world. And, together, I’m confident we can turn our business around.”