Intel’s board appointed Lip-Bu Tan as CEO, effective March 18. He succeeds interim Co-CEOs David Zinsner and Michelle “MJ” Johnston Holthaus and will rejoin the board after stepping down in August 2024.
Zinsner will stay on as executive vice president and chief financial officer, while Johnston Holthaus will continue as CEO of Intel Products.
Frank D. Yeary served as interim executive chair during the CEO search and will return as independent chair once Tan takes over.
“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. “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,” Yeary added. “We are delighted to have Lip-Bu as our CEO as we work to accelerate our turnaround and capitalize on the significant growth opportunities ahead.”
Intel called Tan an accomplished technology leader with deep semiconductor industry experience and a longtime technology investor. He has over 20 years of semiconductor and software experience and strong ties across Intel’s ecosystem.
Tan led Cadence Design Systems as CEO from 2009 to 2021 and served on its board for 19 years. Under his leadership, Cadence more than doubled revenue, expanded operating margins and saw its stock price climb over 3,200%. He is also a founding managing partner of Walden Catalyst Ventures and chairman of Walden International.
“I am honored to join Intel as CEO,” Tan said. “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,” Tan added. “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.”