Intel Appoints Lip-Bu Tan as CEO

Intel announced today that its board of directors has selected Lip-Bu Tan, a former board member, as the company’s new CEO.

“Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO,” Intel chair of the board Frank D. Yeary said. “Throughout his long and distinguished career, he has earned a reputation as an innovator who puts customers at the heart of everything he does, delivers differentiated solutions to win in the market and builds high-performance cultures to achieve success.”

Tan will start in the CEO role on March 18, Intel says, succeeding interim Co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Zinsner will continue as executive vice president and chief financial officer, while Johnston Holthaus will remain the CEO of Intel Products. Tan will also rejoin the Intel board after having stepped down last August.

“We will work hard to restore Intel’s position as a world-class products company,” the new CEO told emails via email Wednesday. “That’s what this moment demands of us as we remake Intel for the future.”

I don’t know a thing about Mr. Tan, but he is apparently a longtime technology investor and widely respected executive with more than 20 years of semiconductor experience.