Intel Will Be Led By New CEO Starting March 18
JAKARTA The board of directors has chosen the latest CEO of Intel Corporation. Starting March 18, Lip-Bu Tan will replace the positions of Co-CEO Interim, David Zinsner and Michelle Johnston Holthaus.
Tan has been in the field of technology for decades. This CEO candidate has 20 years of work experience in the field of software and semiconductors. Tan has even been the CEO of Cadence Design Systems from 2009 to 2021.
During its lead to Cadence, the company managed to increase its revenue more than double. Cadence also succeeded in expanding operating margins and producing stock price appreciation of more than 3,200 percent.
Reflecting on this success, Tan was finally elected as CEO of Intel. Previously, Tan was part of Intel's board of directors, but resigned in August last year. After officially taking office, Tan will rejoin the board of directors.
With Tan's rise as CEO, Zinsner will fill the position of Executive Vice President and Head of Finance, while Johnson will remain CEO of Intel Products. Frank D. Yeary, who previously served as interim executive chairman, will also become an independent board of directors after Tan took office.
"(Tan has) a proven track record in creating value for shareholders," Yeary said in Intel's latest release. "We are delighted to have Tan as our CEO as we seek to accelerate recovery and take advantage of significant growth opportunities in the future."
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In line with Tan's appointment as CEO, news emerged that Pat Gelsinger was not retiring as stated by Intel's board of directors. According to a report shared by The Verge, Gelsinger was removed directly by the board of directors.
Reportedly, Intel has difficulty changing the situation of the company that is increasingly under siege and the board of directors has also lost confidence in the company's upgrade. Therefore, the council considers that they need a new leader.
Gelsinger has worked at Intel for decades, more precisely for 30 years. He worked from 1979 to 2009, then decided to leave the company. However, in 2021, Gelsinger was withdrawn to occupy the position of CEO.