Citing personal reasons, Intel’s director and veteran industry expert Lip-Bu Tan has vacated his position amidst the company’s challenging period.
Last week, American chipmaker Intel disclosed that Lip-Bu Tan, the company’s director and a veteran in the semiconductor field, has departed from his position with immediate effect, informing the company last Monday.
Tan’s exit from Intel coincides with a difficult period for the company. Recently, it projected third-quarter revenue below expectations and revealed plans to reduce its workforce by over 15%, leading to a layoff of 17,500 employees.
Furthermore, Intel is facing a lawsuit from its shareholders after announcing its dividend suspension starting in the fourth quarter.
Tan stated that his decision to step down was personal, motivated by the need to reassess his various commitments. He commented that despite his departure, he would continue to support the company and valued its significant work.
The senior chip industry expert joined Intel’s board in September 2022 to aid the company’s recovery and serve on Intel’s mergers and acquisitions committee. According to Bloomberg, Tan, also the executive chairman of Cadence Design Systems, a provider of electronic design automation tools, brought value to the role.
Additionally, his investment firm, Walden International, has reportedly invested in semiconductor, alternative energy, and digital media sectors across the US and Asia.
Upon joining the board, Tan commended Gelsinger’s visionary leadership and noted that the company was experiencing a remarkable transformation to capture the considerable opportunities ahead.
CEO Pat Gelsinger has been working to reestablish Intel’s ailing position in the chip industry by investing heavily in new factories and technologies as competitors like Nvidia continue to advance.
