Effective March 18, Lip-Bu Tan will take over as the new CEO of Intel, succeeding Co-CEOs David Zinsner and Michelle Johnston Holthaus.
Tan will rejoin the Intel board of directors after stepping down in August 2024. Frank Yeary, who took on the role of interim executive chair during the CEO search, will revert to being the independent chair.
Zinsner, Johnston Holthaus to remain in leadership positions as Tan takes the helm
Meanwhile, Zinsner will stay on as executive vice president and chief financial officer, and Johnston Holthaus will remain as CEO of Intel Products.
“I’m humbled and honored to be your next CEO,” Tan said in an email to employees. “Under my leadership, Intel will be 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 brings a wealth of experience to the role as an executive with more than 20 years of semiconductor and software experience. He previously served as CEO of Cadence Design Systems from 2009 to 2021 and was a member of Cadence’s board of directors for 19 years.
“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,” said Yeary. “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.”
“On behalf of the board, I would like to thank Dave and Michelle for their steadfast leadership as interim co-CEOs,” Yeary added. “Their discipline and focus have been a source of stability as we continue the work needed to deliver better execution, rebuild product leadership, advance our foundry strategy and begin to regain investor confidence.”
In addition to his leadership role at Cadence—where he helped the company more than double its revenue, expand operating margins, and deliver a stock price appreciation of over 3,200 percent—Tan is also a founding managing partner of Walden Catalyst Ventures and chairman of Walden International. He currently serves on the boards of Credo Technology Group and Schneider Electric.
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