Intel announced on the 13th that its board of directors has appointed Lip-Bu Tan as the new CEO. CEO Lip-Bu Tan will begin his official duties on the 18th and will also join Intel’s board of directors.

This appointment succeeds David Zinsner and Michelle Johnston Holthouse, co-interim CEOs. Zinsner will continue as Chief Financial Officer and Executive Vice President, and Johnston Holthouse will continue as CEO of Intel Products.

Frank D. “Libbu Tan is a leader with technology industry expertise, a broad network, and a track record of creating shareholder value,” said Intel interim chairman of the board, Erie. “He is the right person to be Intel’s next CEO.”

“Libbutan is an innovator who values customers, delivers market-competitive solutions and creates a culture for success,” Eary added. “He will help accelerate Intel’s transformation and realize growth opportunities.”

The new CEO is a long-time investor in the technology sector and is considered a manager with over 20 years of semiconductor and software experience and deep relationships across the Intel ecosystem. He served as CEO of Cadence Design Systems from 2009 to 2021, and during his tenure as CEO, Cadence more than doubled its revenue, expanded its operating margin, and its stock price rose by more than 3,200%.

He is also the founding managing partner of Walden Catalyst Ventures, chairman of Walden International, and serves on the boards of Credo Technology Group and Schneider Electric. He holds a bachelor’s degree in physics from Nanyang Technological University in Singapore, an MS in nuclear engineering from the Massachusetts Institute of Technology, and an MBA from the University of San Francisco. In 2022, he received the Robert N. Noyce Award, the highest honor from the Semiconductor Industry Association. He has won the Noyce Award.

“Intel has a powerful and differentiated computing platform, a massive established customer base, and a robust manufacturing foundation that grows stronger every day as we rebuild our process technology roadmap,” said Lip Bu Tan, Intel’s new CEO. “I look forward to joining Intel and building on the work the entire Intel team has done to build the business for the future.”