Intel Appoints New CEO

Intel has appointed Lip-Bu Tan as its new CEO. Previously, he led Cadence Design Systems, a software developer serving top chip manufacturers, including Intel, CNBC reports.

The appointment comes three months after Pat Gelsinger's departure, during which CFO David Zinsner and VP MJ Holthaus shared interim leadership. Tan will also rejoin Intel’s board of directors.

This move marks the end of a turbulent period for Intel, as investors pushed for cost-cutting measures and restructuring. Following the news, Intel’s stock jumped more than 12% in after-hours trading.

Tan becomes Intel’s fourth CEO in seven years. His predecessors—Brian Krzanich, Bob Swan, and Pat Gelsinger—left due to scandals, management missteps, and strategic failures. Gelsinger’s attempt to turn Intel into a contract chip manufacturer (foundry) fell short of expectations, while large-scale investments, such as the $20 billion Ohio factory, drew investor criticism.

Amid weak financial performance in 2024, rumors emerged about a potential sale of Intel or the spin-off of its foundry business, with Qualcomm mentioned as a possible buyer. The new CEO now faces the challenge of restoring Intel’s industry leadership and adapting the company to the rapidly growing AI market.