LIP-BU Tan appointed Managing Director of Intel Corporation
With kind permission: Intel
Intel said on Wednesday that he had appointed Tan lip lip as new CEOWhile the flea manufacturer tries to recover from a tumultuous four -year race under Pat Gelsinger. The title jumped 12% in prolonged exchange.
Tan was previously CEO of Cadence Design Systems, which manufactures software used by all the main flea designers, including Intel. He was a member of the Intel board of directors but left last year, citing other commitments.
Tan replaces the acting co-PDG David Zinsner and MJ Holthaus, who took over in December when the former CEO of Intel, Patrick Gelsinger, was ousted. Tan also joins the Board of Directors of Intel.
The appointment closes a chaotic chapter of Intel’s history, while investors have put pressure on the company of semiconductors to reduce costs and turn companies due to the drop in sales and the inability to break the booming artificial intelligence market.
“In the areas where we have momentum, we must double and extend our advantage,” said Tan in statement on the Intel website. “In the areas where we are behind the competition, we must take risks calculated to disturb and jump. And in the areas where our progress has been slower than expected, we must find ways to take the pace.”
Tan becomes the fourth permanent CEO of Intel in seven years. After the resignation of Brian Krzanich in 2018, after the revelations of an inappropriate relationship with an employee, Bob Swan took the bar in January 2019. He left two years later after Intel suffered numerous blows from competitors and flea delays. Swan was succeeded by Gelsinger in 2021.
Gelsinger took over with a daring plan to transform Intel’s activities to make fleas for other companies in addition to his, becoming a foundry. But the overall income of Intel products continued to decrease, and investors worried about the significant capital expenses necessary for such a production of massive fleas, in particular by building a $ 20 billion factory complex in Ohio.
The former CEO of Intel, Pat Gelsinger, holds an artificial intelligence processor while speaking during the Calpex conference in Taipei, Taiwan, June 4, 2024.
Annabelle Chih | Bloomberg | Getty images
Last fall, after a disappointment report, Intel seemed to be for sale and aroused interest in rival companies, including Qualcomm. Analysts evaluated the possibility of withdrawing Intel from its foundry division or selling its product division – including servers and PC fleas – a rival.
In AI, Intel was beaten by NvidiaIncluding the graphic processing units (GPU) have become the chicken chip for developers in recent years.
Frank Yeary, who assumed the role of acting executive president in search of the CEO, said in a press release This TAN has a “proven history of the creation of the value of shareholders”.
“We are delighted to have lips as CEO while we are working to accelerate our turnaround and capitalize on important growth opportunities to come,” said Yeary, who now returns to the independent chair.
In January, Intel published a low forecast even if it beat income and income. The company highlighted the seasonality, economic conditions and competition, and said that customers digest stocks. The prospect of prices increased uncertainty, said Zinsner at the time.
Intel said Zinsner would return to his previous CFO role. Holthaus will remain in charge of Intel products.
Intel was withdrawn from the industrial average of Dow Jones in November and was replaced by Nvidia, reflecting the dramatic change in fortune in the semiconductor industry. Intel shares lost 60% of their value last year, while Nvidia’s equity prices climbed 171%. At the end of Wednesday, Intel’s market capitalization was 89.5 billion dollars, less than a third of Nvidia’s assessment.
WATCH: Intel appoints lip-dro Tan as CEO
