Intel director Lip-Bu Tan exits board
His exit comes at a time when Intel faces multiple challenges. Its third-quarter revenue forecast was below market estimates, and the chipmaker plans to cut over 15% of its workforce.
Lip-Bu Tan, a veteran of the semiconductor industry, has stepped down from Intel’s board of directors after two years.
“This is a personal decision based on a need to reprioritize various commitments, and I remain supportive of the company and its important work,” Tan said in a statement.
His exit comes at a time when Intel faces multiple challenges. Its third-quarter revenue forecast was below market estimates, and the chipmaker plans to cut over 15% of its workforce.
Tan, who joined Intel’s board in September 2022, was brought in to boost the company’s comeback efforts.
Tan, the executive chairman of Cadence Design Systems, was part of Intel’s mergers and acquisitions committee, according to Bloomberg.
Cadence is a supplier of electronic design automation tools and IP.
Lip-Bu Tan’s investment firm, Walden International, has invested in semiconductor, alternative energy and digital media firms in the US and Asia, Tom’s Hardware reports.
