Intel considers former board member for CEO after ousting Gelsinger

On Monday, Intel (NASDAQ:INTC ) began the process of selecting a new chief executive officer, considering several candidates, including former board member Lip-Bu Tan, according to a report from Reuters, citing sources.

This action follows the departure of Pat Gelsinger, who was given the option to retire or be removed from his position. The search for Gelsinger's successor is still in the preliminary phase, with no final decision made on a replacement.

Gelsinger's exit occurred after less than four years at the helm of the company, with the board concluding that his ambitious and costly turnaround strategy was not progressing swiftly enough. Intel has now formed a search committee to find Gelsinger's replacement and anticipates making a decision in the upcoming weeks.

Intel's board has reached out to Tan recently to assess his interest in the CEO role. Tan, an experienced figure in the industry, served on Intel's board for approximately two years and was tasked with helping to reestablish Intel's leadership in chipmaking. He joined the board in September 2022 and took on additional responsibilities overseeing manufacturing operations a year later.

However, Tan left the board in August after disagreements with Gelsinger over various elements of the company's strategic direction, such as workforce size, contract manufacturing approach, and corporate culture. Prior to his tenure at Intel, Tan successfully led Cadence Design (NASDAQ:CDNS ) Systems as CEO for over a decade, where he was credited with revitalizing the design software company.

Intel has declined to comment on the matter, and representatives for Tan's venture capital firm, Walden Catalyst, have not responded to requests for comment. The board's evaluation of potential candidates for the CEO position continues as they seek to navigate Intel through its current challenges.

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Source: Investing.com