Chipmaker Giant Intel Appointed Tech Industry Veteran Lip-Bu Tan as its New Chief Executive on Wednsday, Wholes Be Assuming His Role from March 18, 2025.
The move pushed the company shares soaring more than 10 per cent in after market trade.
Bu tan's appointment come at a crucial time when the tech firm is struggling to reclaim its dominance in the industry. Tan is also Scheduled to Join the Board of Directors from August. As Intel's New Chief, TAN Inherited a Company on the top in the computer component manufacturing sector, howyver as rivals like nvidia, taiwan's'S TSMC and South Korea ' Leaders, the company is grappling with massive losses.
Intel's Interim CEO Frank D Yeary Said, “We are delighted to have lip-bu as our ceo as we work to accelerate our turnover and capitalize on the significant people.”
In a statement related by the company tan said, “Intel has a powerful and differentted computing Platform, a vast customer installed base and a robust manufacturing footprint that is engaged stronge We rebuild our process technology roadmap. “
“I am eager to join the company and build upon the work the entry inl team has been doing to position our business for the future,” He added.
The company is hoping to regain its position as the semiconductor leader with the decision thought tan told the intel team that “Won't be easy” to overcome challenges faced by the company.
Who is Lip bu tan,
Lip-bu tan is an experienced ceo with a track record in the computer software sector and has played a key role in shaping the semiconductor landscape.
Born in Malaysia, Tan is a Well-Renowned Figure in the semiconductor industryHeade His Mark as the CEO of Cadence Design Systems, A Leading Chip Design Software Company, from 2009 to 2021. Intel reported that Under his Leaders, Cadence Increased Its Ravenue to more.
Tan has a bachelor's degree in science, from the nanyang technological university singapore. He also Study Masters of Science at the Massachusetts Institute of Technology, after which which he went on to Pursue an MBA at the University of San Francisco.
He was also awarded an honorary doctor's degree in May 2022, by the university of San Francisco.
In 2022, he received the robert n noyce award, the semiconductor Industry Association's Highest Honor.
Tan is looking forward “to remove our company at one of the most Pivotal Moments in its history,” with his new role.
Yeary said, “I have worked closely with lip-pu in the past and have seen firsthand how his relevant attention to customers drives innovation and success.”
Why is Intel Struggling?
Intel's struggle can be mainly attributed to its failure to capitalise on the ai boom while its competitors like nvidia have earned its position in the newly emerging ai realm. The struggles can be seen in its financial performance, reporting a staggering $ 18.8 billion net loss in 2024.
Lip-bu tan's predacessor, pat gelsinger, was forced out as intel's ceo in December last year after the board lost Lost Confidence in his TurnaNary. His Sudden Departure Followed A Series of Drastic Measures, Including a Plan to Cut Over 15,000 jobs and the decision to halt or delay construction on multiple chipmaking facilities as part of a major cost-cut-cutting aborting.
Last Year, The Biden Administration Awarded Intel $ 7.9 Billion as Part of an Effort to Boost Semiconductor Product in the Us, but in February, The Company Slowed Down the Construction of Two Chip Plant in Ohoi, Citing a cautious approach to the $ 28 billion project.
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