Intel Elects Lip-Bu Tan to Its Board of Directors

Rhea-AI Summary

Intel Corporation has elected Lip-Bu Tan, a notable figure in the semiconductor industry, to its board of directors, effective September 1, 2022. Tan is currently the executive chairman of Cadence Design Systems and has extensive experience in software and venture capital. His addition is expected to provide valuable insights, particularly to Intel's M&A Committee. Tan expressed enthusiasm about contributing to Intel's transformation under CEO Pat Gelsinger, aiming to leverage upcoming opportunities in the semiconductor market.

Positive

• Lip-Bu Tan's election is anticipated to bring fresh perspectives from his extensive semiconductor and venture capital experience.
• Tan's involvement on the M&A Committee may enhance Intel's strategic growth initiatives.

Negative

• Concerns may arise regarding continuity and integration of Tan's experience into Intel's existing board dynamics.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intel Corporation today announced that Lip‑Bu Tan, executive chairman of Cadence Design Systems Inc., chairman of Walden International, and founding managing partner of Celesta Capital and Walden Catalyst Ventures, was elected to Intel’s board of directors, effective Sept. 1, 2022. Tan will join the M&A Committee of Intel’s board of directors.

Lip‑Bu Tan was elected to Intel’s board of directors, effective Sept. 1, 2022. (Photo: Business Wire)

“Lip-Bu is a well-respected global leader in the semiconductor industry, and we are delighted to welcome him to Intel’s board of directors,” said Omar Ishrak, chairman of the Intel board. “His software, semiconductor and venture capital expertise, deep ecosystem relationships and significant public company board experience will bring additional valuable perspective to Intel’s board.”

Tan, 62, has served since 2021 as executive chairman of Cadence, a computational software company providing solutions used to design and develop complex semiconductor chips and electronic systems, and since 2004 as a member of its board. He served as chief executive officer of Cadence from 2009 to 2021 and as president from 2009 to 2017.

“Intel is an iconic company with a rich history, and I am honored to join its board of directors,” Tan said. “Under Pat Gelsinger’s bold leadership, Intel is undergoing a massive transformation to capitalize on the tremendous opportunities that lie ahead, and I look forward to being a part of this exciting journey.”

Tan brings extensive public company board experience to Intel. In addition to his role on Cadence’s board, he also serves on the boards of Credo Technology Group Holding Ltd. and Schneider Electric SE. At Carnegie Mellon University, he serves on the board of trustees and the School of Engineering Dean’s Council; and at the University of California, Berkeley, he serves on the Engineering Advisory Board and its Division of Computing, Data Science, and Society Advisory Board. Previously, he served as a director of several public companies, including SoftBank Group Corp. from 2020 to 2022; Hewlett Packard Enterprise Company from 2015 to 2021; Advanced Micro-Fabrication Equipment Inc. China (AMEC), a global semiconductor microfabrication equipment company, from 2005 to 2020; and Flextronics International Ltd. from 2003 to 2012.

He holds a Bachelor of Science in physics from Nanyang Technological University in Singapore, a Master of Science in nuclear engineering from the Massachusetts Institute of Technology and an MBA from the University of San Francisco. He was recently named the 2022 recipient of the Semiconductor Industry Association’s highest honor, the Robert N. Noyce Award.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.

© Intel Corporation. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005655/en/

Penelope Bruce

Media Relations

1-408-893-0601

Penelope.Bruce@intel.com



Timothy Blankenship

Investor Relations

1-408-765-7700

Timothy.Blankenship@intel.com

Source: Intel Corporation

FAQ

Who is Lip-Bu Tan and what is his role at Intel?

Lip-Bu Tan is the newly elected board member at Intel, effective September 1, 2022. He brings extensive experience from his role as executive chairman of Cadence Design Systems.

What impact does Lip-Bu Tan's election have on Intel's business?

Tan's election is expected to bolster Intel's board with insights from his semiconductor and venture capital background, particularly aiding in M&A strategies.

When was Lip-Bu Tan elected to Intel's board of directors?

Lip-Bu Tan was elected to Intel's board of directors effective September 1, 2022.

What positions has Lip-Bu Tan held prior to joining Intel?

Before joining Intel, Tan served as CEO and executive chairman of Cadence Design Systems and held positions on various public company boards.

What is the significance of Lip-Bu Tan joining Intel at this time?

Tan joins Intel during a critical transformation period under CEO Pat Gelsinger, aiming to capitalize on emerging opportunities in the semiconductor space.