Intel director, tech industry veteran Lip-Bu Tan exits board of struggling chip maker
Intel director, tech industry veteran Lip-Bu Tan exits board of struggling chip maker
Tan informed the board on August 19 that he would be leaving, effective immediately, Intel said in a filing on Thursday, confirming an earlier report by Bloomberg News. The director, a former chief executive officer of Cadence Design Systems who also runs an investment firm, cited “demands on his time” for driving the move.
“This is a personal decision based on a need to reprioritise various commitments and I remain supportive of the company and its important work,” he said in the filing.
Tan was elected to the board in September 2022 and appointed to Intel’s mergers and acquisitions committee.
When Tan joined the board, he praised Gelsinger’s bold leadership and said the company was “undergoing a massive transformation to capitalise on the tremendous opportunities that lie ahead.”
More recently, Intel has been focused on making cutbacks. In addition to efforts to pare jobs and expenses, the chip maker scrapped plans for its annual Innovation event. It also recently sold its stake in chip technology creator Arm Holdings.
