Tan, who resigned from Intel’s board in August, will rejoin the company’s board of directors. Frank Yeary, who served as Intel’s interim executive chair during the CEO search, will return to his role as independent chair, with Tan taking over as CEO.
Tan, who led Cadence for 12 years before stepping down in 2021, succeeds interim co-CEOs David Zinsner and Michelle Johnston Holthaus. They had assumed leadership of the Santa Clara, California-based Intel after former CEO Pat Gelsinger unexpectedly retired in December 2024 amid concerns about the company’s future. Zinsner will resume his position as Intel’s executive vice president and Chief Financial Officer, while Johnston Holthaus will continue as CEO of Intel Products.
In a statement, Tan expressed his honor in joining Intel as CEO, stating, “I have tremendous respect and admiration for this iconic company, and I see significant opportunities to remake our business in ways that serve our customers better and create value for our shareholders.” He added, “Intel has a powerful and differentiated computing platform, a vast customer installed base, and a robust manufacturing footprint that is getting stronger by the day as we rebuild our process technology roadmap. I am eager to join the company and build upon the work the entire Intel team has been doing to position our business for the future.”
The 65-year-old Tan had reportedly left Intel earlier due to concerns about the company’s turnaround strategy. He had expressed dissatisfaction with Gelsinger and other board members regarding the size of Intel’s workforce, its risk-averse culture, and its perceived lag in artificial intelligence strategy. Tan also reportedly criticized the company for being overrun with middle managers, whom he believed hindered progress in the server and desktop chips divisions, and advocated for their removal.
In August, Intel announced plans to cut 15% of its approximately 125,000-strong workforce and suspended its dividend to reduce costs and streamline operations.
Gelsinger’s sudden departure in December came as a surprise to many, with speculation that the board had lost confidence in his ability to steer the company’s recovery. Tensions reportedly escalated in November when Gelsinger met with the board to discuss strategies for regaining market share and closing the gap with competitors like Nvidia (NVDA). According to Bloomberg, he was given the choice to retire or be removed.
Following Gelsinger’s abrupt exit, Wall Street analysts emphasized the need for Intel to undergo a “radical change” under new leadership. Tan’s appointment is seen as a step toward addressing these challenges and revitalizing the company’s future prospects.