SANTA CLARA (dpa-AFX) - Intel Corp. (INTC) announced the appointment of Lip-Bu Tan as its chief executive officer, effective March 18. Tan's appointment follows the retirement of chief executive officer Pat Gelsinger, who concluded a distinguished 40-plus-year career with the company three months ago.
Tan succeeds Interim Co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Tan will also rejoin the Intel board of directors after stepping down from the board in August 2024.
Intel noted that Zinsner will remain executive vice president and chief financial officer, and Johnston Holthaus will remain chief executive officer of Intel Products.
The company said that Frank Yeary, who took on the role of interim executive chair of the board during the search for a new chief executive officer, will revert to being the independent chair of the board upon Tan becoming chief executive officer.
Tan has more than 20 years of semiconductor and software experiences as well as deep relationships across Intel's ecosystem. He formerly served as CEO of Cadence Design Systems from 2009 to 2021. Tan served as a member of the Cadence board of directors for 19 years, from his appointment in 2004 through his service as executive chairman from 2021 to 2023 following his tenure as chief executive officer.
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