Struggling Chipmaker Intel Has Appointed Former Board Member and Semiconductor Expert Lip-Bu Tan as Its New CEO. Following the announsement, intel’s shares surgged by 12 per cent.read more
Struggling Chipmaker Intel, Once a Leader in the Semiconductor Industry, Has Appointed Former Board Member and Semiconductor Expert lip-hum tan as its new seo. This could be seen as an effort to revise the once-dominant company.
After the development, the tech giant’s shares when a massive rally and rose by 12 per cent.
TAN, 65, will take charge next time, over three months after forr ceo pat gelsinger suddenly retired amid financial Troubles, Mass Layoffs, and CONCERNS EOVERNS OOVER Intel Company.
“Lip-bu is an exceptional leader whose technology industry expertise, Deep Relationships Accross Across the Product and Foundry EcoSystems, and PRVEN TRACK Record of Creator Exactly what intel needs in its next sex, “Intel’s Interim Executive Chairman, Frank Yeary, Said.
Tan brings extended experience in the semiconductor industry. He previously served as ceo of cadence design systems, a company that develops software for designing processors. He was also a member of Intel’s Board from 2022 Until August Last Year. Along with his new role as ceo, he will rejoin intel’s board.
Gelsinger’s time as Intel’s Ceo Fell Short of Expectations, with the company’s stock dropping 60 per cent and erasing $ 160 billion in sharehlder value.
Job Cuts, Financial Distress Jolts Intel
Last Year, Intel Cut 17,500 Jobs – About 15% of its Workforce – Halted Its Dividend to Save Costs. The company also reported an annual loss of $ 19 billion last year.
Chip Factories Opening Delayed
Recently, Intel delayed the opening of two new chip factories in ohio, citing the need for financial responsibility. The project is set to receive $ 7.8 billion in Funding from the Chips Inventives Program, Launched under President Joe Biden’s Administration.