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As Intel welcomes a new CEO, a look at where the company stands
Semiconductor giant Intel has welcomed semiconductor veteran Lip-Bu Tan to take the reins as its new CEO. This development comes three months after Pat Gelsinger retired and stepped down from the company’s board, with Intel CFO David Zinsner and Executive Vice President of Client Relations Michelle Johnston Holthaus stepping in as co-CEOs.
Tan joins the company at an intriguing time, following a tumultuous period under Gelsinger’s leadership. When Gelsinger took the helm in February 2021, Intel was already struggling and lagging behind its peers in the semiconductor sector. At that time, the company was still reeling from missing out on the smartphone revolution, as well as missteps related to chip fabrication.
It was also a significant period for the industry at large, marked by recent consolidation in late 2020, with AMD acquiring Xilink for $35 billion and Analog buying Maxim for $21 billion, among others.
During his tenure, Gelsinger initiated a modernization plan dubbed IDM (integrated device manufacturing). The first phase of this strategy involved an overhaul of the company’s chip-making process. However, under his leadership, Intel struggled to capitalize on the AI boom in the same way its rivals did, leading to issues such as overgrown headcount.
Gelsinger’s departure was followed by a series of significant developments that will likely shape the direction of the company going forward. In a significant win, Intel finalized a deal with the U.S. Department of Commerce to receive a $7.865 billion grant for domestic semiconductor manufacturing through the U.S. Chips and Science Act. The company has already received $2.2 billion of this grant funding, as disclosed during its fourth-quarter earnings call.
Additionally, Intel managed to achieve a notable success when it comes to the popularity of its Arc B580 graphics card, which sold out after receiving positive early reviews.
Source: https://techcrunch.com/2025/03/12/as-intel-welcomes-a-new-ceo-a-look-at-where-the-company-stands/
