Intel bets new CEO can achieve what Pat Gelsinger failed
Lip-Bu Tan is taking over as CEO.
Transcript:
Caroline Woods: After struggling for years to keep up with its rivals, there may finally be some blue skies ahead for Intel. The chipmaker announced on Wednesday that it has appointed long-time industry veter Lip-Bu Tan as CEO. Long-time Intel executive Pat Gelsinger resigned in December of 2024.
Intel was once the world’s largest producer of computer chips with its technology used in almost every PC on the market. However, Intel was slow to dive into both the mobile computing and AI booms that have defined the last decade, leading competitors like Nvidia to take its place at the top of the chip hierarchy.
Related: Analyst reworks Intel stock price target as new CEO raises concerns
Gelsinger was brought back in to lead a turnaround, but retired after failing to right the ship. In August of 2024, Intel announced it would lay off 15% of its staff as part of efforts to cut $10 billion in costs, and was subsequently removed from the Dow Jones industrial average in November of the same year.
Tan’s appointment couldn’t come at a more critical time, having served as a CEO of a tech design firm for more than a decade, in addition to serving as a founding managing partner of Walden Catalyst Ventures, a top firm in the AI, semiconductor and cloud computing space.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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