Intel Gets the Outsider CEO It Desperately Needs
After months of searching for a new CEO following the abrupt retirement of former CEO Pat Gelsinger, (NASDAQ: INTC) has landed on Lip-Bu Tan. Tan led Cadence Design Systems, a provider of software for designing semiconductor chips, for more than a decade. He also served on Intel's board of directors during Gelsinger's tenure, resigning due to reported disagreements with the company's strategy.
Under Gelsinger, Intel invested heavily in manufacturing in an attempt to build its own foundry business. Based on the press release announcing the leadership change, Tan appears committed to this strategy: "The board is confident that under Lip-Bu's leadership, we will take the steps needed to deliver for our customers as a world-class products company and as a world-class foundry."
While Intel's big-picture strategy may remain intact, Tan will likely make some much-needed changes to the company's culture.
Source Fool.com
Intel Corp. Stock
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