Intel, which was once a leader in the semiconductor industry. It is now going to enter a new chapter. Three months ago, Pat Gelsinger resigned as the CEO of the company, and now the company has appointed Lip-Boo Tan as its new CEO. Tan, who was previously the CEO of Cadence Design Systems, will now return to Intel’s board. This appointment is happening at a time when Intel has faced many challenges in the last few years.
New chapter of change in Intel: Lip-Boo Tan will be the new CEO.
Intel announced the appointment of Lip-Boo Tan as CEO, and this move is important in many ways. Lip-Boo Tan, who has more than 20 years of experience in the semiconductor industry and a strong leadership ability, he has been made the CEO of Intel. This appointment has been made at a time when the company had started many new plans under the leadership of Pat Gelsinger, but some of those plans have not yet been fully successful.
Pat Gelsinger took over the leadership of Intel in 2021, and his tenure began at a time when the company was already lagging behind its competitors. At the time, Intel suffered from being left out of the smartphone revolution and some missteps in chip manufacturing. Gelsinger launched the ‘IDM’ (Integrated Device Manufacturing) plan to give the company a new direction again, which included investing $20 billion and setting up new chip manufacturing plants.
In 2022, Intel launched the second phase of the IDM plan, which planned chip manufacturing in three parts – Intel’s fabs, third-party global manufacturing companies, and expanding the company’s foundry services. Under this, the company announced the purchase of Tower Semiconductor for $5.4 billion so that Intel could expand its custom foundry services. However, the deal was canceled in 2023 due to regulatory hurdles.
Following Gelsinger’s resignation, Intel appointed David Zinsner and Michelle Johnston Holthaus as interim co-CEOs. During this time, the company’s stock price fell by nearly 50%, and it had to lay off 15% of its employees. Despite this, Intel received a $7.865 billion grant from the US government to boost domestic semiconductor manufacturing.
Intel’s Leadership After Pat Gelsinger: What Are the Expectations?
Now, Intel is expected to find a new direction under the leadership of Lip-Boo Tan. Tan, who led the company to new heights as CEO of Cadence Design Systems, believes that Intel’s strong and differentiated computing platforms, customer base, and manufacturing capabilities will help it regain the top position in the market.
Under Tan’s leadership, Intel will have the opportunity to further strengthen its chip manufacturing process, advance its foundry strategy, and regain product leadership. He aims to once again make Intel a brand known for customer-centric innovation and create more value for the company’s shareholders.
In these changing times, Lip-Boo Tan will have the challenge of once again making Intel a leader in the semiconductor industry and leading the company to new growth opportunities.
