Intel (Intc) announced that it is appointed Tan lip lip as new CEO. The veteran of the flea industry, who had previously directed Cadence Design Systems, succeeds temporary co-PDS David Zinsner and Michelle Johnston Holthaus. The duo succeeded the former CEO Pat Gelsinger, who was ousted by the Board of Directors of Intel at the end of 2024.
Intel shares have climbed more than 11% in trade after opening hours after the announcement.
The news comes the same day as a reuters report indicating that a consortium of companies led by TSMC (TSM) and including NVIDIA (NVDA) and Broadcom (AVGO) are in talks to take control of Intel manufacturing activities.
Tan is no stranger to Intel. The new CEO initially sat on the company’s board of directors in 2022, but left the chip giant in 2024 after having disagreed with gelsinger on the company’s recovery plan, including its activity of manufacturing third-party contractual semiconductors, According to Reuters.
“I am honored to join Intel as CEO,” said Tan in a statement. “I have enormous respect and admiration for this emblematic company, and I see important opportunities to redo our business so as to better serve our customers and create value for our shareholders.”
Tan takes control of Intel in the middle of one of the darkest eras in the history of the company. The flea manufacturer has lost its advance in the manufacture of processes for the benefit of the manufacturer of Rival TSMC chips and has sold its possibility of dominating in the AI space in Nvidia.
Intel shares have dropped 54% in the past year, the company’s revenues have decreased its pandemic summits. He now faces increased competition from the longtime Nemesis AMD (AMD) and a renewed effort by Qualcomm (QCOM) to enter the space of PC chips, threatening the largest Intel money manufacturer.
The semiconductor giant has also received billions of dollars via the ACT chips to help pay new manufacturing facilities in the United States, including a massive Ohio campus. But Intel says Part of the project is delayed And will not be finished before 2030. It was originally to open its doors in 2025.
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