Semiconductor Veteran Lip-Bu Tan Resigns from Intel’s Board

Lip-Bu Tan, a seasoned expert in the semiconductor industry who joined Intel’s Board two years ago to aid in the company’s turnaround, has stepped down from his position, Intel announced in a filing on Thursday.

Tan notified the company on Monday that his resignation was effective immediately.

His departure comes at a difficult time for Intel, which recently issued a third-quarter revenue forecast below market expectations. The company also announced plans to cut over 15% of its workforce, equating to roughly 17,500 jobs, and will suspend its dividend starting in the fourth quarter.

In a statement, Tan described his decision to leave as personal, citing the need to reprioritize his various commitments. He emphasised his continued support for Intel and its critical initiatives.

Tan, who has held the roles of executive chair and CEO at Cadence Design Systems Inc, joined Intel’s Board in September 2022.