Julia Christine Botin

Struggling Intel names industry veteran Lip-Bu Tan as CEO

Article (news)

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1741837212825New Project (1).jpg" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left">The Intel logo. <em>Photo from the Intel Facebook page </em></span></span></span></div><p>SAN FRANCISCO -- Intel on Wednesday announced tech industry veteran Lip-Bu Tan as its new chief executive, boosting shares of the US computer chipmaker struggling to catch up in the AI race.</p><p>Tan told the Intel team his focus would be on engineering, saying it &quot;won&#x27;t be easy&quot; to overcome challenges faced by the company.</p><p>Tan, who was born in Malaysia, will start as Intel chief on March 18, according to the company.</p><p>Shares were up more than 10 percent in after market trade.</p><p>Intel is one of Silicon Valley&#x27;s most iconic companies, but its fortunes have been eclipsed by Asian powerhouses TSMC and Samsung, which dominate the made-to-order semiconductor business.</p><p>The company was also caught by surprise with the emergence of Nvidia, a graphics chip maker, as the world&#x27;s preeminent AI chip provider.</p><div><a href="https://www.abs-cbn.com/business/2024/11/6/nvidia-surpasses-apple-as-world-s-biggest-company-822" rel="noopener noreferrer" target="_blank">Nvidia surpasses Apple as world&#x27;s biggest company</a></div><p>Nvidia&#x27;s strength is in <a href="https://www.abs-cbn.com/news/technology/2025/1/7/nvidia-ramps-up-ai-tech-for-games-robots-and-autos-1723" rel="noopener noreferrer" target="_blank">chips for powering AI</a>, which are coveted by tech companies competing in that technology.</p><div><strong>RELATED STORY:</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/BP1FskoD6Hk?&amp;ab_channel=ABS-CBNNews&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p>Intel&#x27;s niche has been in chips used in traditional computing processes being eclipsed by the AI rage.</p><p>Tan&#x27;s predecessor, Pat Gelsinger, was forced out as Intel chief in December after the board lost confidence in his plans to turn the company around.</p><p>Gelsinger&#x27;s abrupt departure came just months after the company vowed to cut more than 15,000 jobs in a draconian cost reduction plan and paused or delayed construction on several chipmaking facilities.</p><div><a href="https://www.abs-cbn.com/business/2024/8/2/intel-says-it-will-slash-workforce-to-cut-costs-1136" rel="noopener noreferrer" target="_blank">Intel says it will slash workforce to cut costs</a></div><p>&quot;I believe with every fiber of my being that we have what it takes to win,&quot; Tan said in a message to his team, vowing that Intel will be an engineering-focused company.</p><div><a href="https://www.abs-cbn.com/news/technology/2025/2/27/qualcomm-says-getting-more-pc-apps-on-snapdragon-platform-1930" rel="noopener noreferrer" target="_blank">Qualcomm says getting more PC apps on Snapdragon platform</a></div><p>&quot;In areas where we are behind the competition, we need to take calculated risks to disrupt and leapfrog.&quot;</p><p>While chief of Cadence Design Systems from 2009 to 2021, Tan transformed the company and more than doubled its revenue, according to the Intel board.</p><p>Former US president Joe Biden&#x27;s administration last year finalized a $7.9 billion award to Intel as part of an effort to bring semiconductor production to US shores.</p><p>But Intel in February extended the timeline for completing two new fabrication plants in Ohio, saying it is taking a prudent approach to the $28 billion project.</p><p>&quot;We will continue construction at a slower pace, while maintaining the flexibility to accelerate work and the start of operations if customer demand warrants,&quot; Intel Foundry Manufacturing general manager Naga Chandrasekaran told Intel employees at the time.</p><p>For the full year 2024, Intel recorded a net loss of $18.8 billion as the US chip giant continues to struggle to stake its place in the artificial intelligence revolution.</p><p>In Europe, Intel late last year said it was delaying its plans to build two mega chip-making factories in Germany and Poland as the company faces lower demand than anticipated.</p><p>Intel also said at the time that it would pull back on its projects in Malaysia.</p>

<p>Intel has named tech industry veteran Lip-Bu Tan as its new chief executive, boosting shares of the US computer chipmaker struggling to catch up in the AI race.</p>

Intel has named tech industry veteran Lip-Bu Tan as its new chief executive, boosting shares of the US computer chipmaker struggling to catch up in the AI race.