Intel (Intc) announced that it appoints TAN-BU TAN as a new CEO. Veteran of Chip Industry, which has previously helmed Cadence’s design systems, takes over temporary co-executive executives David Zinsner and Michelle Johnonton Holtus. The duo was succeeded by former CEO Pat Gelsinger, who was shot down by Intel’s board in late 2024.
Intel’s shares rose more than 11% in trading after hours of publication.
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The news comes the same day as Reuters’s report that says the consortium of companies led by TSMC (Tsm) and including nvidia (Nvda) and Brodcom (Augo) is in conversations with Download Intel’s production business.
Tan is not alien to Intel. The new CEO initially served on the company’s 2022 board, but left the chip giant in 2024, after allegedly disagreed with Gelsinger on the company’s turnaround plan, including his third -party semiconductor business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, business, semiconductors, semiconductor business, semiconductor business, semiconductor business activities, According to Reuters.
“I am honored to join Intel as CEO,” Tan said in a statement. “I have a great deal of respect and admiration for this iconic company and I see significant opportunities to rewrite our business in ways that serve our customers better and create value for our shareholders.”
Tan took Intel in the middle of one of the darkest epochs in the company’s history. ChipMaker has lost the lead in the production of processes on the rival of the TSMC chip builder and took the opportunity to dominate the NVIDIA AI space.
Intel’s shares dropped by 54% over the past year, as the company’s revenue declined from their pandemic heights. Now faces increased competition from longtime AMD (AMD) and restored effort from Qualcomm (Qcom) to break into the space for computer chips, threatening Intel’s largest money maker.
The semiconductor giant also received billions of dollars through the Chips Law to help pay for new production capacity in the United States, including a huge campus in Ohio. But Intel says Part of the project is delayed And it will not be completed by 2030. It was originally scheduled to open in 2025.
E -Daniel Houli at dhowley@yahoofinance.com. Follow him on the x of @Danielhowley.
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