As the new CEO joins the ranks, an 11% uprise was observed in Intel’s stock price in a few hours of trading today. A 65-year-old Malaysian-born American executive and entrepreneur has already brought good vibes to Intel. His appointment will be effective from March 18th, 2025. His appointment ends the interim co-CEOs, David Zinsner and Michelle Johnston’s tenure as CEOs. Zinser will keep serving Intel, as CFO, and Johnston as CEO of Intel Products Division.
Tan has served EDS Nuclear and ECHO Energy and later founded a venture capital firm, Walden International, in 1987. He grew Walden International from $20 million to $2 billion by 2001. Notably, at Walden International, he focused his investments on semiconductors and alternative energy, which seems to be the major reason for his appointment as Intel CEO. As Wikipedia entails, He was elected to the board of Cadence Design Systems and later became interim co-CEO in October 2008. Cadence board formally announced him as president and CEO on January 8, 2009. Cadence grew its net worth to $1.3 billion under Tan’s visionary leadership. In August 2022, Tan received the Robert N. Noyce Award from the Semiconductor Industry Association (SIA), the industry’s highest honor.
Frank D Yeary, Independent chair of the Intel board of directors, announced the news and said;
“Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO. Throughout his long and distinguished career, he has earned a reputation as an innovator who puts customers at the heart of everything he does, delivers differentiated solutions to win in the market and builds high-performance cultures to achieve success.”
“Like many across the industry, I have worked closely with Lip-Bu in the past and have seen firsthand how his relentless attention to customers drives innovation and success,”
“We are delighted to have Lip-Bu as our CEO as we work to accelerate our turnaround and capitalize on the significant growth opportunities ahead.”
On his appointment, Tan Said:
“I am honored to join Intel as CEO. I have tremendous respect and admiration for this iconic company. I see significant opportunities to remake our business in ways that serve our customers better and create value for our shareholders.
“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 continued. “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.”
Tan’s appointment comes at a critical time as the industry is experiencing rapid growth. It shows Intel’s urgency to keep moving forward with innovations.
