Intel’s Director Lip-Bu Tan Steps Down from Board Amidst Company Challenges
Intel’s director Lip-Bu Tan, a veteran in the semiconductor industry brought in two years ago to assist with the chipmaker’s resurgence, has resigned from its board, as disclosed in a filing on Thursday. Tan communicated his decision to the company on Monday, stating his immediate resignation from the board. The news of Tan’s departure comes at a challenging time for Intel, forecasting third-quarter revenue below market estimates and planning to reduce its workforce by over 15% (approximately 17,500 employees) while suspending its dividend in the fourth quarter.
– Semiconductor industry veteran, Lip-Bu Tan, steps down from Intel’s board
– Tan informed the company of his resignation on Monday
– Tan’s departure coincides with Intel’s challenging period, forecasting reduced revenue and significant workforce cuts
– Tan, former CEO of Cadence Design Systems Inc, joined Intel’s board in September 2022
– Intel’s shares experienced a slight increase in extended trading, closing at $20.10 on Thursday
Hot Take: Lip-Bu Tan’s Resignation
Intel’s director Lip-Bu Tan’s resignation from the board comes at a crucial time for the company, amidst challenging forecasts and workforce reductions. Tan’s decision to step down may impact Intel’s future trajectory, signaling a need for strategic realignment within the organization.
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