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Who is Lip-Bu Tan? Malaysian-born, Singapore-raised, Intel’s new CEO and chip industry veteran
Intel has named Lip-Bu Tan its new CEO, starting March 18, succeeding Pat Gelsinger. The announcement spurred an 11% rise in shares.
Intel Corp named Lip-Bu Tan as its next chief executive officer, announcing in a statement Wednesday that Tan, 65, will assume the role on March 18.
Tan’s predecessor, Pat Gelsinger, was pushed out by the board for a perceived failure to rejuvenate Intel’s product lineup.
Intel shares surged 11 per cent after hours on the news of Lip-Bu Tan's CEO appointment, capping a 4.6 per cent gain during the trading day. The dramatic rise comes after a year of significant losses (down 54 per cent).
Who is Lip-Bu Tan?
- Tan, a Malaysian-born executive, grew up in Singapore, where he studied physics at Nanyang University.
- He then pursued a master's degree in nuclear engineering at the Massachusetts Institute of Technology (MIT).
- Choosing not to continue with a doctorate in the field, he instead earned an MBA from the University of San Francisco.
- After gaining experience in venture investing, Tan joined the Cadence board in 2004. He became co-CEO in 2008 following Michael Fister's departure and assumed sole CEO responsibilities in 2009.
- Tan led Cadence for over a decade before transitioning to the role of chairman, a position he held until 2023.
- Both as an investor and CEO, Tan was early to recognise a major trend that has swept the chip industry over the past 30 years - that designing chips and manufacturing them would split into two different specialities.
Also Read | The rise and decline of Intel
Intel's ongoing struggles and market decline
Intel, once a dominant force in the semiconductor industry, is now grappling with market-share declines, manufacturing challenges, and a sharp drop in earnings. The company is also weighed down by debt and recently cut approximately 15,000 jobs.
Despite these struggles, Intel remains one of the world’s largest chipmakers by revenue, generating over $50 billion in annual sales. Its processors power more than 70 per cent of the world’s personal computers and server machines, and the company’s factories still account for a significant portion of global capacity for advanced manufacturing.
(With Reuters, Bloomberg inputs)
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First Published:13 Mar 2025, 01:10 PM IST
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