Lip-Bu, as friends call him, was once Mindtree's founding investor, and retains deep India connects. He is seen as a giant in the world of semiconductors. Can he turn around Intel, a beleaguered American icon?
Lip-Bu Tan CEO of Intel Corp
Image: Courtesy Intel
In July last year, Lip-Bu Tan flew down to Bengaluru to inaugurate a deeptech fund his friend had started, the day after he attended the wedding of billionaire Mukesh Ambani’s son Anant Ambani in Mumbai. The venture capital fund’s launch got some modest media coverage and Tan flew back the same day.
On March 12, Tan was named CEO of Intel Corp, an American tech icon that helped give Silicon Valley its name, but today a company that is facing the prospect of being left behind in the fast-changing world of artificial intelligence (AI).
Intel shares surged on the Nasdaq to end last week close to 19 percent higher on the news. Tan is founding chairman of the global VC firm Walden International and former CEO and chairman of Cadence Design Systems, one of the world’s biggest electronic design automation companies. He is also the founding managing partner of Celesta Capital, a deep-tech focused VC firm.
Tan, 65, has previously served on Intel’s board. He starts as CEO tomorrow, according to the global chipmaker’s March 12 press release announcing his appointment. He is replacing his predecessor Pat Gelsinger, who was ousted by the board in December after about four years at the helm. He will also re-join the board, which he had left in August 2024.
“Lip-Bu’s understanding of the semiconductor industry is unparalleled. He has seen it from every angle. His network and relationships in the industry are unparalleled,” Jaswinder Ahuja, corporate vice president, international HQ and India managing director at Cadence Design Systems, tells Forbes India in an interview.