- Intel’s new CEO, Lip-Bu Tan, will step into office on March 18
- The company must make “calculated risks” to catch up
- Interim CEOs will revert to their original positions
Three months after Intel CEO Pat Gelsinger announced that he’d be stepping down after a near-four-year stint, the chipmaker has confirmed its new leader.
In an email to workers, Lip-Bu Tan revealed himself to be the company’s new leader, detailing his aim to restore the company’s “world-class” status by focusing on both product development and foundry services.
Tan will take post on March 18, 2025, but he’s already previously served on Intel’s board – something he gave up due to strategic disagreements, says Reuters.
Lip-Bu Tan will serve as Intel’s new CEO
Tan promises an “engineering-focused” Intel and remains committed to innovation. “Intel’s innovation has been at the heart of so many world-changing breakthroughs along the way,” he said.
He continued: “I believe we have a truly unique opportunity to remake our company at one of the most pivotal moments in its history. That’s not to say it will be easy. It won’t be. But I am joining because I believe with every fiber of my being that we have what it takes to win.”
At $89.2 billion, Intel’s market cap lags far behind key rivals like AMD ($163.6 billion) and Nvidia ($2.83 trillion). Lip-Bu said the company must take “calculated risks to disrupt and leapfrog” in areas of the business that are behind the competition.
Analysts are clearly happy with the new leadership, with shares shooting up 12% following the announcement to $23.21.
Tan’s background includes a 12-year stint as Cadence Design Systems CEO between 2009 and 2021, where he delivered a stock price increase of more than 3,200%.
With the appointment of a new CEO, interim CEOs Michelle Johnston Holthaus and Dave Zinsner will step back into CEO of Intel Products and company CFO respectively.
