Intel’s new CEO wants to build “The New Intel,” sending the stock back to where it was 10 days ago
Intel has appointed Lip-Bu Tan as its new CEO, as the industry veteran steps into what might well be “the toughest gig in US tech,” per Bloomberg. Still, investors are rallying around Tan, sending shares up almost 12% in premarket trading, taking INTC back toward the $23 mark it was trading at as recently as March 3.
Intel’s new chief replaces interim bosses standing in for Pat Gelsinger, whose December departure was cheered by investors after the chipmaker’s value slid ~$150 billion across his almost four-year tenure.
Tan previously sat on the board at Intel, though reportedly clashed with leadership at the time and left last August. In his first email to company employees yesterday, the new CEO wrote:
“We have a chance to do something special together. In many ways, we are the founders of ‘The New Intel.’ We will learn from past mistakes, use setbacks to strengthen our resolve and choose action over distraction to reach our full potential.”
The appointment was announced on the same day as reports emerged about TSMC pitching Nvidia, Broadcom, and AMD on a joint venture to take over Intel Foundry, its loss-making division that makes chips for other companies. While Tan has yet to address the reported move, some have interpreted parts of his all-staff email as signals that he isn’t looking to break up the Intel business.
Intel’s new chief replaces interim bosses standing in for Pat Gelsinger, whose December departure was cheered by investors after the chipmaker’s value slid ~$150 billion across his almost four-year tenure.
Tan previously sat on the board at Intel, though reportedly clashed with leadership at the time and left last August. In his first email to company employees yesterday, the new CEO wrote:
“We have a chance to do something special together. In many ways, we are the founders of ‘The New Intel.’ We will learn from past mistakes, use setbacks to strengthen our resolve and choose action over distraction to reach our full potential.”
The appointment was announced on the same day as reports emerged about TSMC pitching Nvidia, Broadcom, and AMD on a joint venture to take over Intel Foundry, its loss-making division that makes chips for other companies. While Tan has yet to address the reported move, some have interpreted parts of his all-staff email as signals that he isn’t looking to break up the Intel business.
