Intel has announced the resignation of Lip-Bu Tan, a seasoned veteran of the semiconductor industry, from its board of directors. Tan, who joined Intel’s board in September 2022 to assist with the company’s strategic turnaround efforts, informed the company of his decision to step down, effective immediately. The departure was disclosed by Intel in a filing on Thursday.
Tan’s exit coincides with a particularly challenging period for Intel. The company recently issued a revenue forecast for the third quarter that fell below market expectations. Additionally, Intel plans to cut more than 15% of its workforce, equating to roughly 17,500 employees, and has decided to suspend its dividend starting in the fourth quarter.
Explaining his decision, Tan stated, “This is a personal decision based on a need to reprioritize various commitments, and I remain supportive of the company and its important work.” Tan, who also holds the position of executive chair and CEO at Cadence Design Systems Inc., brought a wealth of experience to Intel during his tenure on the board.
Following the news of Tan’s departure, Intel’s shares saw minor gains in after-hours trading, although they had closed down by 6.1% at $20.10 earlier on Thursday.
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