Intel director, tech industry veteran Lip-Bu Tan exits board of struggling chip maker
Intel director Lip-Bu Tan, a semiconductor industry veteran brought in two years ago to help with the chipmaker’s comeback effort, has stepped down from the board.
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.
The move follows a disastrous quarterly report earlier this month, which sent Intel shares on their worst rout in decades. The once-dominant chip maker gave a dour forecast, suspended its long-standing dividend and announced plans to slash more than 15 per cent of its workers.
CEO Pat Gelsinger has been trying to restore Intel’s standing in the chip industry by pouring money into new factories and technologies, but rivals like Nvidia and Advanced Micro Devices have only made further gains.
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.
FOLLOW US ON GOOGLE NEWS
Read original article here
Denial of responsibility! Chronicles Live is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email –
chronicleslive.com. The content will be deleted within 24 hours.
