Trends
Semiconductor veteran Lip-Bu Tan exits Intel’s board
OUR TAKE Lip-Bu Tan, a semiconductor industry veteran, was brought to Intel two years ago to help the chipmaker make a comeback. Tan, who previously served as executive chair and CEO of Cadence Design Systems, joined Intel’s board in September 2022.–Zora Lin, BTW reporter What happened Intel directo…
Headline
OUR TAKE Lip-Bu Tan, a semiconductor industry veteran, was brought to Intel two years ago to help the chipmaker make a comeback. Tan, who previously served as executive chair and CEO of Cadence Design Systems, joined Intel’s board in September 2022.–Zora Lin, BTW reporter What…
Context
OUR TAKE Lip-Bu Tan, a semiconductor industry veteran, was brought to Intel two years ago to help the chipmaker make a comeback. Tan, who previously served as executive chair and CEO of Cadence Design Systems, joined Intel’s board in September 2022. –Zora Lin, BTW reporter Intel director Lip-Bu Tan resigned from the board on Monday. Intel disclosed this in a filing on Thursday.
Evidence
Pending intelligence enrichment.
Analysis
The news of Tan’s departure comes at a challenging time for Intel. The company recently forecasted that third-quarter revenue would be below market expectations and announced plans to cut more than 15% of its workforce, or about 17,500 jobs, and suspend its dividend starting in the fourth quarter. “This is a personal decision that I need to reprioritise my various commitments, and I remain supportive of the company and its important work,” Tan said in a statement. The company’s shares rose slightly in extended trading. The stock fell to $20.10 on Thursday. Also read: Intel bets on China’s electric car market with new AI chips
Key Points
- The news of Tan’s departure comes at a challenging time for Intel, which plans to cut more than 15% of its workforce.
- Tan said that stepping down from Intel’s board was a personal decision and that he remains supportive of the company and its important work.
Actions
Pending intelligence enrichment.
