Intel Names Lip-Bu Tan as CEO, Stock Rises 11% Amid $90 Billion Valuation Challenges

Intel has appointed Lip-Bu Tan as its new CEO, replacing Pat Gelsinger, who stepped down in December 2024 amidst a significant downturn in the company's performance. Tan, a former Intel board member and seasoned semiconductor industry executive, will assume the role on March 18, 2025. Tan previously served as CEO of Cadence Design Systems, where he successfully transformed the company into an industry leader. He is tasked with addressing Intel's $90 billion valuation, managing challenges such as 17,500 layoffs, delays in its Ohio chip factories, and competition from Nvidia, which holds a $2.8 trillion valuation. Intel's stock price rose by 11% following the announcement, reflecting investor confidence in Tan's leadership. The company aims to utilize $7.86 billion in CHIPS Act funding to maintain its role as a world-class foundry and address delays in its Arrow Lake chip projects.