Intel names tech veteran Lip-Bu Tan as its next CEO

Intel has named tech veteran Lip-Bu Tan the company’s next chief executive officer, the company said Wednesday. He will take over on March 18, Intel said.

Tan will succeed Michelle Johnston Holthaus and David Zinsner, the two executives who had served as co-chief executive officers in the wake of former CEO Pat Gelsinger’s departure. Both will remain with the company.

Though Tan has held a number of positions, he is most known for his role as chief executive of Cadence Design Systems from 2009 until 2021, which designs the EDA software used for designing chips. Tan won the SIA’s Robert N. Noyce Award for his contributions to the semiconductor industry. Tan was also considered to be one of the front-runners for the Intel job.

Tan was also a board member at Intel, but resigned last August to “reprioritize personal commitments” he said, according to Bloomberg.

Holthaus will remain with Intel as the head of Intel Products, while Zinsner will remain as an executive vice president and chief financial officer.

“I am honored to join Intel as CEO,” Tan said in a statement. “I have tremendous respect and admiration for this iconic company, and I see significant opportunities to remake our business in ways that serve our customers better and create value for our shareholders.”

Updated at 2:00 PM PT with additional details.