Intel Appoints Lip-Bu Tan as CEO, Shares Surge 11%
- Lip-Bu Tan previously served as CEO of Cadence Design Systems and was a partner at the Walden USA investment fund before founding Walden International in 1987.
- Intel’s stock surged approximately 11% in after-hours trading following the announcement of Tan’s appointment as CEO.
Intel has named Lip-Bu Tan as its new Chief Executive Officer, the company announced late Wednesday. A prominent figure in the semiconductor industry, Tan will take over from interim co-CEOs David Zinsner and Michelle Johnston Holthaus. As part of the transition, Tan will also rejoin Intel’s board of directors after previously stepping down in August 2024.
Zinsner will continue in his role as Intel’s Chief Financial Officer, while Johnston Holthaus will remain CEO of Intel’s Products division.
Tan, a Malaysia-born tech investor, brings extensive leadership experience to Intel. He previously served as CEO of Cadence Design Systems and held managerial roles at EDS Nuclear and ECHO Energy.
Additionally, he was a partner at the Walden USA investment fund before founding venture capital firm Walden International in 1987.
Recognized as a highly influential figure in the tech sector, Tan is currently a director on the boards of Hewlett Packard Enterprise, Schneider Electric, and SoftBank.
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His appointment has been met with strong market confidence, with Intel’s stock jumping approximately 11% in after-hours trading following the announcement.
Under Tan’s leadership, Intel aims to reinforce its position as an engineering-focused company.
“We will push ourselves to develop the best products, listen intently to our customers, and hold ourselves accountable to the commitments we make so that we build trust,” Tan stated. “We also have a responsibility to deliver for our shareholders — something I am equally focused on and expect will be an outcome of our renewed focus on customers.”
With decades of experience and a strong network in the industry, Tan’s leadership marks a significant shift for Intel as it looks to strengthen its technological and business strategy moving forward.
Edited by Harshajit Sarmah
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