COLUMBUS, Ohio (WCMH) — Intel announced Lip-Bu Tan as its new CEO, effective March 18, a move forward from a three-month interim period with limited answers.
Intel announced Wednesday that Tan, an experienced technology leader with thorough semiconductor industry experience, will take Intel’s helm. He replaces interim co-CEOs David Zinsner and Michelle Johnston Holthaus, who will remain executive vice president/CFO and CEO of Intel Products, respectively.
Tan was formerly an Intel board member, but left in August 2024 after two years on the board, citing outside commitments. He left during a tumultuous time for the company, with Intel laying off 15% of its workforce that same month.
Tan was CEO of Cadence Design Systems from 2009 to 2021, where his reinvention of the company led to him doubling the company’s revenue, expanding operating margins and making progress in the stock market. As Intel’s financial future remains uncertain, board members said they hope Tan will help drive future success.
“Intel has a powerful and differentiated computing platform, a vast customer installed base and a robust manufacturing footprint that is getting stronger by the day as we rebuild our process technology roadmap,” Tan said. “I am eager to join the company and build upon the work the entire Intel team has been doing to position our business for the future.”
Intel’s previous CEO, Pat Gelsinger, brought Intel’s $28 billion chip manufacturing facility to central Ohio. In early May, Intel announced production on Ohio’s site was delayed again, now not estimated for completion until 2030 or 2031. See previous coverage of the delays in the video player above.
Tan did not address Ohio’s project in Intel’s announcement, nor did other board members. Intel confirmed Tan will also rejoin the board of directors as part of his new role.
Intel stock rose 12% Wednesday after the announcement.