Intel Considers Former Board Member for CEO Position Following Gelsinger's Ouster

According to a report based on sources, Intel (NASDAQ:INTC) has begun the process of selecting a new CEO on Monday and is evaluating several candidates, including former board member Lip-Bu Tan. This move follows the option to retire or dismiss Pat Gelsinger. The search for Gelsinger's successor is still in its early stages, and no final decision has been made regarding who will take his place.

Gelsinger's departure comes after a tenure of less than four years at the helm of the company. The board concluded that his ambitious and costly transformation strategy was not progressing quickly enough. Intel has now established a search committee to find Gelsinger's successor and expects to make a decision in the coming weeks.

Recently, Intel's board reached out to Tan to assess his interest in the CEO role. A seasoned name in the industry, Tan served on Intel's board for nearly two years and was tasked with helping to restore Intel's leadership in chip manufacturing. He joined the board in September 2022 and took on additional responsibilities for overseeing manufacturing operations a year later.

However, Tan departed the board in August after disagreements with Gelsinger over various aspects of the company’s strategic direction, including workforce size, contract manufacturing approach, and corporate culture. Prior to his role at Intel, Tan served successfully for over a decade as CEO of Cadence Design Systems, where he was credited with revitalizing the design software company.

Intel declined to comment on the matter, and representatives from Tan's venture capital firm, Walden Catalyst, did not respond to requests for comments. The board continues to evaluate potential candidates for the CEO position while attempting to navigate the current challenges facing Intel.