Got a New Boss! Intel's Upcoming CEO Change on March 18
Intelappoints Lip-Bu Tan asthe new CEO on March 18
In a shakeup, Intel has tapped a seasoned executive as its brand new CEO. Lip-Bu Tan will step into the role starting March 18, according to the tech giant's announcement on Wednesday, local time. In an email to staff, the new leader expressed his intentions to keep the iconic semiconductor titan intact, quashing rumors of a possible breakup that have been circulating for months.
Tan previously served on Intel's board of directors until August last year. With a storied career as the long-time CEO of Intel supplier Cadence Design Systems, Tan parted ways with the board amidst a disagreement with former CEO Pat Gelsinger over his restructuring plan. Insiders had hinted in December that Tan was among the top contenders for Gelsinger's succession.
The market greeted the news positively as Intel's shares surged by 12 percent in after-hours trading on the New York Stock Exchange on Wednesday. "Tan boasts extensive knowledge of the semiconductor industry, covering both product design and manufacturing demands," commented Jack Gold, CEO of investment advisor J. Gold Associates. The contract manufacturing sector, Intel's current pain point, has been losing money despite hefty investments to the tune of billions.
Interestingly, Tan's background at Cadence Design Systems makes him uniquely suited to tackle the manufacturing challenges that Intel has been grappling with for some time. Analysts are optimistic that Tan's engineering expertise coupled with his strategic leadership capabilities will steer Intel towards long-term viability.
The Commission, possibly seeking to align Intel's future with its new leadership, has also been asked to submit a proposal for a directive on the protection of workers from the risks related to exposure to ionizing radiation. Tan, the incoming CEO of Intel, previously served as a director on Intel's board of directors until August last year. However, after a disagreement with former CEO Pat Gelsinger over a restructuring plan, Tan was ousted and shortlisted as a top contender for Gelsinger's succession.
