Intel director and tech industry veteran Lip-Bu Tan leaves the board of the struggling chipmaker
Intel director and tech industry veteran Lip-Bu Tan leaves the board of the struggling chipmaker
Tan informed the board of his immediate resignation on August 19, Intel said in a statement on Thursday, confirming an earlier report by Bloomberg News. The director, a former CEO of Cadence Design Systems who also runs an investment firm, cited “lack of time” as the reason for the move.
“This is a personal decision based on the need to reprioritize various commitments, and I continue to support the company and its important work,” he said in the statement.
Tan was elected to the board of directors 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 seize the tremendous opportunities that lie ahead.”
Recently, Intel has focused on cost-cutting. In addition to efforts to reduce jobs and expenses, the chipmaker has also scrapped plans for its annual innovation event. It also recently sold its stake in chip technology maker Arm Holdings.
