Intel Names Chip Veteran Lip-Bu Tan as Next CEO

Intel Corp. named Lip-Bu Tan as its next chief executive officer (CEO), entrusting a former board member and semiconductor veteran with one of the toughest jobs in the chip industry.

- Bloomberg

Tan, 65, will assume the role on March 18, the company said in a statement on Wednesday. He will rejoin the board as well after stepping down in August.

Tan, the former head of Cadence Design Systems Inc., is tasked with restoring the fortunes of a pioneering chip-maker that's become an industry laggard. Intel, which dominated the semiconductor field for decades, is struggling with market-share losses, manufacturing setbacks and a precipitous decline in its earnings. It's also burdened with debt and recently had to slash about 15,000 jobs.

In a memo to Intel employees, Tan said he's confident he can turn the business around.