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On August 19, 2024, Lip-Bu Tan informed the Board of Intel Corp (NASDAQ:INTC) that he was resigning from the Board, effective immediately.
Tan attributed the departure as a personal decision based on a need to reprioritize various commitments.
Cadence Design Systems, Inc (NASDAQ:CDNS) former chief Tan became Intel’s board member in September 2022 and part of Intel’s mergers and acquisitions committee, Bloomberg reports.
Intel reported a second-quarter topline decline of 0.9% year-on-year to $12.83 billion, trailing the analyst consensus of $12.94 billion. The chip designer disclosed a $10 billion cost-reduction plan, including plans to slash headcount by over 15%.
Goldman Sachs analyst Toshiya Hari considered the cost reduction plan insufficient for a turnaround.
Intel aims to ship chips for over 100 million artificial intelligence personal computers by 2025, including over 40 million in 2024.
Intel stock plunged 39% in the last 12 months and trades at a forward price-to-earnings multiple of 17.39x.
Price Action: INTC shares traded higher by 2.91% at $20.69 at the last check on Friday.
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