Intel Appoints Lip-Bu Tan as CEO

The board of Intel Corporation has appointed Lip-Bu Tan as CEO, effective March 18. He succeeds interim co-CEOs David Zinsner and Michelle Johnston Holthaus who stepped into the role after the company parted ways with Pat Gelsinger at the end of last year. Tan will also rejoin the Intel board of directors after stepping down in August 2024.

Zinsner will remain executive vice president and chief financial officer, and Johnston Holthaus will remain CEO of Intel Products. Frank D. Yeary, who took on the role of interim executive chair of the board during the search for a new CEO, will revert to being the independent chair of the board upon Tan becoming CEO.

“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,” Yeary said, referring to Zinsner and Holthaus’ tenure as interim CEOs.

Lip-Bu Tan. Courtesy of Intel Corporation.

Tan is a longtime technology investor has more than 20 years of semiconductor and software experience. He served as CEO of Cadence Design Systems from 2009 to 2021, where he led a reinvention of the company and drove a cultural transformation centered on customer-centric innovation. During his time as CEO, Cadence more than doubled its revenue, expanded operating margins and delivered a stock price appreciation of more than 3,200%.

Tan served as a member of the Cadence board of directors for 19 years, from his appointment in 2004 through his service as executive chairman from 2021 to 2023, following his tenure as CEO.

He is also a founding managing partner of Walden Catalyst Ventures and chairman of Walden International. He has significant public company board experience, currently serving on the boards of Credo Technology Group and Schneider Electric. Tan recently joined the board of Celestial AI, a company in which he is a repeat investor.