Intel Continues Facing Troubles As A Key Board Member Leaves The Chipmaker

Intel's headwinds are not over yet. Following the disappointing Q2 financial report, Intel confirmed on Thursday that a veteran of the semiconductor industry has resigned from his position on Intel's board of directors.

In a statement, Intel pointed out that Lip-Bu Tan notified the board of his resignation on August 19, and this decision took effect immediately.

Lip-Bu Tan himself stated that this was his personal decision, really because he was too busy to handle everything and needed to re-determine the priority of various tasks. He said he would continue to support Intel and its important work.

Lip-Bu Tan officially joined Intel's board of directors on September 1, 2022, and participated in the mergers and acquisitions committee of Intel's board. According to reports, Lip-Bu Tan's joining was to help Intel achieve semiconductor transformation and revival.

Intel's board chairman, Omar Ishrak, once pointed out that Lip-Bu Tan is a highly respected global leader in the semiconductor industry. His expertise in software, semiconductors, and venture capital, deep industry relationships, and rich experience in the board of directors of listed companies will bring more valuable perspectives to Intel's board.

However, this appointment ended abruptly in less than two years, which also made the outside world more worried about Intel's chip ambitions. Muddy Intel

Lip-Bu Tan is one of the most respected and outstanding figures in the semiconductor industry and has won the highest honor of the Semiconductor Industry Association, the Robert Noyce Award.

In 1987, he founded Walden International, a venture capital company that has played an important role in promoting the innovation and development of semiconductors. In addition, Lip-Bu Tan played a transformative leadership role as the executive chairman and CEO of Cadence Design Systems and was awarded the Dr. Zhang Zhongmou Outstanding Leadership Award by the Global Semiconductor Alliance.

Therefore, his joining Intel two years ago was seen as a positive sign of the company's transformation by the market. Of course, his resignation is also seen as a negative factor that hits morale at present.

Intel has announced that it will lay off more than 15% of its employees from the fourth quarter, equivalent to 17,500 employees, and suspend dividends to shareholders. Intel also canceled its annual innovation event plan and recently sold its shares in the chip design company Arm.

So far this year, Intel's stock price has fallen by 57.95%, which is in sharp contrast to its peers: The Philadelphia Semiconductor Index has risen by more than 20% this year due to the promotion of artificial intelligence.