Tan, the former head of Cadence Design Systems Inc, is tasked with restoring the fortunes of a pioneering chipmaker that’s become an industry laggard. Intel, which dominated the semiconductor field for decades, is struggling with market-share losses, manufacturing setbacks and a precipitous decline in its earnings. It’s also burdened with debt and recently had to slash about 15,000 jobs.
Intel Corp named Lip-Bu Tan as its next chief executive officer, entrusting a former board member and semiconductor veteran with one of the toughest jobs in the chip industry.
Tan, 65, will assume the role on March 18, the company said in a statement Wednesday. He will rejoin the board as well after stepping down in August 2024.
