Intel's new CEO tasked with turning around chip giant

Intel on Wednesday announced a new CEO will be taking the helm of the chipmaker.

When incoming CEO Lip-Bu Tan assumes the position at Intel next week, he will have the job of revitalizing the company and making it more competitive.

“I am honored to join Intel as CEO,” he said in a statement. “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.”

Tan will take over leading Intel, which David Zinsner and Michelle Johnston Holtaus have run as interim co-CEOs since the departure of Pat Gelsinger late last year, starting on Tuesday.

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“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,” Intel’s Frank Yeary said.

Tan oversaw tech company Cadence Design Systems as CEO for roughly 12 years, from 2009 to 2021, according to Intel.

The chipmaker said Cadence saw its revenue grow to twice its size while Tan led the company.

He is also one of Walden Catalyst Ventures’ founding managing partners. That venture capital firm said on its website that its “focus” is “data, deep tech, AI, cloud, fintech, and digital biology.”

Tan currently has board seats at Credo Technology Group and Schneider Electric, according to Intel.

Overall, he has more than two decades of “semiconductor and software experiences as well as deep relationships across Intel’s ecosystem,” the company said.

Tan is slated to become a member of Intel’s board once again when he becomes CEO. He was previously on the board from September 2022 to August 2024.

Intel has struggled amid the rise of rivals like Nvidia and Taiwan Semiconductor Manufacturing Co., FOX Business previously reported.

Tan said in a message published on Intel’s website that he was joining the company “because I believe with every fiber of my being that we have what it takes to win.”

“Intel plays an essential role in the technology ecosystem, both in the U.S. and around the world. And, together, I’m confident we can turn our business around,” he said.

Tan said Intel “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” under his leadership.

“In areas where we are behind the competition, we need to take calculated risks to disrupt and leapfrog,” he also said in the message. “And in areas where our progress has been slower than expected, we need to find new ways to pick up the pace.”

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Intel generated $53.1 billion in revenue in 2024, marking a 2% year-over-year decline. It also saw a net loss of $18.8 billion for the 12-month period.