Intel appoints new CEO

Intel Corporation, the tech giant that supplies chips for most manufacturers of computer systems, has appointed Lip-Bu Tan as Chief Executive Officer, effective March 18.

The US blue-chip company made this disclosure in a statement obtained on Sunday.

Tan succeeds interim co-CEOs David Zinsner and Michelle Holthaus. He will also rejoin the Intel board of directors after stepping down from the board in August 2024, the company said.

Zinsner will remain Executive Vice President and Chief Financial Officer, and Johnston Holthaus will be the CEO of Intel Products.

Frank Yeary, who took on the role of interim executive chair of the board during the search for a new CEO, will revert to being the independent chair of the board upon Tan becoming CEO.

“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,” Yeary said.

He added, “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 capitalise on the significant growth opportunities ahead.

“On behalf of the board, I would like to thank Dave and Michelle for their steadfast leadership as interim co-CEOs.

“Their discipline and focus have been a source of stability as we continue the work needed to deliver better execution, rebuild product leadership, advance our foundry strategy, and begin to regain investor confidence.”

On his appointment, Tan said, “I am honoured to join Intel as CEO. I have tremendous respect and admiration for this iconic company, and 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.

“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.”