Lip-Bu Tan Resigns from Intel Board

Lip-Bu Tan has resigned from Intel's board of directors effective immediately, citing a need to reprioritize his commitments. His departure comes at a challenging time for Intel, which has been facing significant financial difficulties, including a reported 0.9% year-on-year decline in second-quarter revenue and plans to reduce costs by $10 billion, including layoffs of over 15,000 employees. Tan, who joined the board in September 2022, was brought in to assist with Intel's turnaround efforts during a period of declining stock performance; Intel's shares have dropped 39% in the past year. Following the announcement of his resignation, Intel's stock fell by 6.1%. Tan's experience as the former CEO of Cadence Design Systems and his role on the mergers and acquisitions committee were seen as valuable assets to Intel. Despite his exit, Tan expressed gratitude for his time on the board and support for the company's mission.