New Intel CEO Promises to “Restore” The Company

Intel has a new boss. The new chief executive officer is Lip-Bu Tan, a former Intel board of directors member and chip software maker Cadence Design Systems. He’s promising to “double down” on things that are working and “take calculated risks” where things aren’t working nearly as well.

In a statement, Tan didn’t offer many specifics about his plans at one of the U.S.’s premier chipmakers. Beyond the usual corporate jargon about meeting challenges and finding unique opportunities, he said that the current leadership of “New Intel “can learn from past mistakes. He said the goal is to “restore Intel’s position as a world-class products company.”

He added that the company wants to “delight our customers ” but is equally focused on delivering for its shareholders. Tan is supposed to take over fully on March 18. After all, the shareholders and investors helped push out the company’s previous chief.

Tan is taking the reins after Intel’s past CEO, Pat Gelsinger, who “retired” in December after months of stock downturns and a few too many release SNAFUs. The two interim CEOs put in Gelsinger’s place, David Zinsner and Michelle “MJ” Johnston Holthaus, will return to their respective positions of CFO and CEO of Intel products.

Gelsinger had been at the company since early 2021. His big push was to turn Intel into a “foundry” for making chips not just of its own design but also from other companies. Intel is supposed to receive $7.86 billion from the Biden administration through the CHIPS Act. According to his public statement, Tan wants Intel to remain a “world-class foundry.” That will be difficult, considering the company delayed opening its $20 billion Ohio semiconductor factory until 2030.

We don’t know yet if Tan will be keen on as many antics as Gelsinger was during his tenure. The former Intel CEO once did 10 burpees live before the company’s 13th-gen Raptor Lake CPUs kickoff. In 2024, when the company was suffering blowback for not being quick on the draw for the AI boom, Gelsinger notoriously posted Bible verses to try and calm investor panic.

The previous CEO had been the face of the company during a scandal involving chip instability issues with its 13th- and 14th-gen CPUs. The company suffered a further blow from its most recent Arrow Lake desktop CPUs, with reviewers noting performance issues compared to the top-of-the-line 14th-gen. The company most recently revealed its Arrow Lake chips for mobile, and we’re keen on getting our hands on them to find out if they can boost performance for this year’s slate of high-end gaming and productivity devices.

Tan did say he wants Intel to be an “engineering-focused company,” so hopefully, we’ll see some new stock from one of the world’s most prolific chipmakers.