Intel appoints Lip-Bu Tan as new CEO

Intel has appointed Lip-Bu Tan as its new CEO, effective March 18, 2025. This comes four months after the resignation of former CEO Pat Gelsinger. The announcement led to a significant increase in Intel's stock price, which rose 30%, reaching $25.80. Tan is expected to help Intel recover from its recent financial struggles. The company reported an $18.75 billion net loss in 2024, a dramatic decline from a $1.69 billion profit in 2023. Investors are hopeful that Tan, who has a proven track record in the tech industry, will bring effective leadership. Tan previously served on Intel’s board and has experience as the CEO of Cadence Design Systems, where he grew the company's stock value significantly. He is also noted for his investments in chip design companies. His focus at Intel will be on improving manufacturing technology, particularly with the upcoming launch of Intel's new 18A chips. In his new role, Tan plans to maintain Gelsinger's strategy, which includes enhancing Intel's foundry capabilities and winning contracts from major cloud providers like Amazon and Microsoft. He may also take steps to streamline management at the company. Tan emphasized the importance of restoring Intel's reputation as a leading technology firm. He aims to establish a strong foundation for future growth while handling the current challenges facing the company.