Notice: Intel Appoints Lip-Bu Tan as Chief Executive to Lead Turnaround

Intel has appointed semiconductor veteran Lip-Bu Tan as its chief executive, ending a three-month search and handing the struggling chipmaker its fourth permanent leader in seven years. The company announced the decision on Wednesday, 12 March 2025, and its shares jumped about 12% in extended trading after the news. Tan takes over from interim co-chief executives David Zinsner and MJ Holthaus, who had run the company since December following the departure of Pat Gelsinger.

Succession and returning roles

Zinsner will return to his previous role as chief financial officer, while Holthaus will remain in charge of Intel Products. Frank Yeary, who served as interim executive chair during the search, is going back to the position of independent chair. Tan, a former Intel board member who left last year citing other commitments, will rejoin the board as chief executive. The appointment marks a sharp break from the tumultuous four-year run under Gelsinger, whose strategy centred on transforming Intel into a foundry that manufactures chips for other companies - a capital-intensive plan anchored by a $20 billion factory complex in Ohio.

Tan's mandate and track record

Tan previously led Cadence Design Systems, the maker of software used by all major chip designers, including Intel. Yeary said Tan has a “proven track record of creating shareholder value” and added: “We are delighted to have Lip-Bu as our CEO as we work to accelerate our turnaround and capitalize on the significant growth opportunities ahead.” Setting out his approach, Tan said: “In areas where we have momentum, we need to double down and extend our advantage. In areas where we are behind the competition, we need to take calculated risks to disrupt and leapfrog. And in areas where our progress has been slower than expected, we need to find ways to pick up the pace.”

A company under pressure

The new chief executive inherits a business under strain. Intel's shares lost about 60% of their value over the previous year, and at Wednesday's close its market capitalisation stood at $89.5 billion - less than a thirtieth of Nvidia's valuation. In January the company issued a weak forecast despite beating estimates on earnings and revenue, citing seasonality, economic conditions, competition and clients working through inventory; Zinsner said at the time that the prospect of tariffs was adding to the uncertainty. Intel was removed from the Dow Jones Industrial Average in November and replaced by Nvidia, whose own stock rose 171% last year. Last autumn the company reportedly appeared to be for sale and drew interest from rivals including Qualcomm, while analysts weighed spinning off the foundry division or selling the products business.

• Appointed chief executive on 12 March 2025; shares jumped about 12% in extended trading
• Fourth permanent CEO in seven years, succeeding interim co-leads Zinsner and Holthaus
• Former Cadence Design Systems chief and former Intel board member
• Market capitalisation of $89.5 billion at the close; stock down about 60% the prior year
• Removed from the Dow Jones Industrial Average in November and replaced by Nvidia

Company details

Intel Corporation designs and manufactures semiconductors and computing products. Media enquiries are handled by the company's communications team. Website: intel.com.