Intel names new CEO to lead the struggling chipmaker’s turnaround effort
CNN
Intel has named a new chief executive, as the chipmaking giant attempts to recover from several bruising years that saw the one-time industry leader fall behind most of its rivals.
Intel has named a new chief executive, as the chipmaking giant attempts to recover from several bruising years that saw the one-time industry leader fall behind most of its rivals. The company announced Wednesday that it has named longtime tech investor and semiconductor industry executive Lip-Bu Tan as chief executive, after former CEO Pat Gelsinger resigned in December. Intel’s stock jumped nearly 13% in after-hours trading following the announcement. As of Wednesday’s closing bell, the company’s shares had fallen more than 54%, signaling investors’ deep concern about the company’s future. Tan spent more than a decade as CEO of technology design firm Cadence Design Systems, where he led a “reinvention of the company,” according to Intel. He is also a founding managing partner of Walden Catalyst Ventures, which invests in semiconductor, AI, cloud and other advanced technologies. “Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO,” Intel’s interim executive chair Frank Yeary said in a statement. Yeary will revert to being the board’s independent chair when Tan becomes CEO on March 18. Tan will have a massive task at hand when he takes over Intel, which largely missed out on both the mobile computing and AI technology revolutions — ceding dominance to rivals such as Qualcomm and Nvidia. Rumors of a takeover have circulated in recent months as Intel’s future looked uncertain.
The biggest event in New Zealand Thursday may have been the opening of a furniture store.
Even if you believe you haven’t yet been directly impacted by climate change, your wallet will feel its effects soon, according to a new study.
Small businesses are “starting to crack” amid a weakening economy, rising inflation and fickle consumers; and they drove job losses in the US private sector in November, new data showed Wednesday.
Prepare for automotive sticker shock next year – again.
Constellation Brands, the US owner of Modelo Especial and Corona, bet big on Latino customers for growth. But that strategy is unraveling under the Trump administration’s mass deportation push.
The European Union agreed Wednesday to phase out Russian natural gas imports by late 2027 as part of an effort to end the bloc’s decade-long dependency on Russian energy.
US wireless carrier AT&T said in a letter to the US telecoms regulator that it had committed to ending diversity, equity and inclusion programs, a move that comes as it seeks approval from the Trump administration to buy wireless spectrum assets.
Larry Summers has been banned for life from the American Economic Association, a professional organization for economists, with more than 17,000 members, over his ties to the late sex offender Jeffrey Epstein.
The US labor market has weakened over the course of the year as hiring has stalled across many industries. The national unemployment rate has ratcheted higher in the process, hitting 4.4% in September.
Michael and Susan Dell are donating $6.25 billion to fund investment accounts for at least 25 million American children.
Gas prices dropped below an average of $3 a gallon in the United States on Tuesday for the first time in four-and-a-half years.
The United States appears ready for war with Venezuela, a prospect that Venezuelan President Nicolás Maduro this weekend attributed to America’s desire to control the country’s vast oil reserves.
Pete Hegseth’s hostility toward the press has been a defining characteristic of his time as defense secretary.