Latest news with #CHIPSIncentivesProgram
Yahoo
13-03-2025
- Business
- Yahoo
Intel hires former board member as new CEO in struggling chipmaker's latest comeback attempt
Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs to attempt to turn around a once-dominant company that helped define Silicon Valley. Tan, 65, will take over the daunting job next Tuesday, more than three months after Intel's previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn that triggered massive layoffs and raised questions about the chipmaker's ability to survive as an independent company. This won't be Tan's first time running a semiconductor company, nor his first association with Intel. He spent more than a decade as CEO of Cadence Design Systems, which makes software that helps designs processors, and joined Intel's board of directors in 2022 before stepping down last August. Tan will rejoin Intel's board in addition to becoming CEO. '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 Chairman Frank Yeary said. Intel has been led by interim co-CEOs, David Zinsner and Michelle Johnston Holthaus, since Gelsinger walked away from a job that he undertook in February 2021. Although Gelsinger arrived at Intel amid high hopes, his tenure was a major letdown as Intel's stock price plunged 60%, wiping out $160 billion in shareholder wealth. Leading up to his departure last year, Intel laid of 17,500 of its employees — about 15% of its workforce — and suspended its dividend to save money on its way to an annual loss of $19 billion. More recently, Intel delayed the opening of two new chip factories i n Ohio to ensure the projects are completed in a 'financially responsible manner.' The project is supposed to draw upon the $7.8 billion in funding earmarked for Intel in the CHIPS Incentives Program created during the administration of President Joe Biden. It was the latest sign of distress for Intel, a Santa Clara, California, company that helped launch Silicon Valley by developing the microprocessors that enabled the personal computer revolution under the leadership of its CEO at that time, Andy Grove. But as its leadership changed Intel missed the technological shift to mobile computing triggered by Apple's 2007 release of the iPhone, and it's lagged more nimble chipmakers. Intel's troubles have been magnified since the advent of artificial intelligence — a booming field where the chips made by once-smaller rival Nvidia have become tech's hottest commodity. Nvida now boasts a market value of $2.8 trillion compared to Intel's $90 billion. Intel's stock price rose more than 10% in Wednesday's extended trading after Tan's hiring was announced, indicating investors believe he will revive the company's fortunes. While Tan was Cadence Design's CEO from January 2009 to May 2021, the company's stock price increased by 44-fold. Tan's past accomplishments resulted him being named winner of the Semiconductor Industry Association's 2022 Robert Noyce Award — an honor named after one of Intel's co-founders. Sign in to access your portfolio
Yahoo
12-03-2025
- Business
- Yahoo
Intel hires former board member as new CEO in struggling chipmaker's latest comeback attempt
Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs to attempt to turn around a once-dominant company that helped define Silicon Valley. Tan, 65, will take over the daunting job next Tuesday, more than three months after Intel's previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn that triggered massive layoffs and raised questions about the chipmaker's ability to survive as an independent company. This won't be Tan's first time running a semiconductor company, nor his first association with Intel. He spent more than a decade as CEO of Cadence Design Systems, which makes software that helps designs processors, and joined Intel's board of directors in 2022 before stepping down last August. Tan will rejoin Intel's board in addition to becoming CEO. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. '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 Chairman Frank Yeary said. Intel has been led by interim co-CEOs, David Zinsner and Michelle Johnston Holthaus, since Gelsinger walked away from a job that he undertook in February 2021. Although Gelsinger arrived at Intel amid high hopes, his tenure was a major letdown as Intel's stock price plunged 60%, wiping out $160 billion in shareholder wealth. Leading up to his departure last year, Intel laid of 17,500 of its employees — about 15% of its workforce — and suspended its dividend to save money on its way to an annual loss of $19 billion. More recently, Intel delayed the opening of two new chip factories i n Ohio to ensure the projects are completed in a 'financially responsible manner.' The project is supposed to draw upon the $7.8 billion in funding earmarked for Intel in the CHIPS Incentives Program created during the administration of President Joe Biden. It was the latest sign of distress for Intel, a Santa Clara, California, company that helped launch Silicon Valley by developing the microprocessors that enabled the personal computer revolution under the leadership of its CEO at that time, Andy Grove. But as its leadership changed Intel missed the technological shift to mobile computing triggered by Apple's 2007 release of the iPhone, and it's lagged more nimble chipmakers. Intel's troubles have been magnified since the advent of artificial intelligence — a booming field where the chips made by once-smaller rival Nvidia have become tech's hottest commodity. Nvida now boasts a market value of $2.8 trillion compared to Intel's $90 billion. Intel's stock price rose more than 10% in Wednesday's extended trading after Tan's hiring was announced, indicating investors believe he will revive the company's fortunes. While Tan was Cadence Design's CEO from January 2009 to May 2021, the company's stock price increased by 44-fold. Tan's past accomplishments resulted him being named winner of the Semiconductor Industry Association's 2022 Robert Noyce Award — an honor named after one of Intel's co-founders.
The Hill
12-03-2025
- Business
- The Hill
Intel hires former board member as new CEO in struggling chipmaker's latest comeback attempt
Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs to attempt to turn around a once-dominant company that helped define Silicon Valley. Tan, 65, will take over the daunting job next Tuesday, more than three months after Intel's previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn that triggered massive layoffs and raised questions about the chipmaker's ability to survive as an independent company. This won't be Tan's first time running a semiconductor company, nor his first association with Intel. He spent more than a decade as CEO of Cadence Design Systems, which makes software that helps designs processors, and joined Intel's board of directors in 2022 before stepping down last August. Tan will rejoin Intel's board in addition to becoming CEO. '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 Chairman Frank Yeary said. Intel has been led by interim co-CEOs, David Zinsner and Michelle Johnston Holthaus, since Gelsinger walked away from a job that he undertook in February 2021. Although Gelsinger arrived at Intel amid high hopes, his tenure was a major letdown as Intel's stock price plunged 60%, wiping out $160 billion in shareholder wealth. Leading up to his departure last year, Intel laid of 17,500 of its employees — about 15% of its workforce — and suspended its dividend to save money on its way to an annual loss of $19 billion. More recently, Intel delayed the opening of two new chip factories i n Ohio to ensure the projects are completed in a 'financially responsible manner.' The project is supposed to draw upon the $7.8 billion in funding earmarked for Intel in the CHIPS Incentives Program created during the administration of President Joe Biden. It was the latest sign of distress for Intel, a Santa Clara, California, company that helped launch Silicon Valley by developing the microprocessors that enabled the personal computer revolution under the leadership of its CEO at that time, Andy Grove. But as its leadership changed Intel missed the technological shift to mobile computing triggered by Apple's 2007 release of the iPhone, and it's lagged more nimble chipmakers. Intel's troubles have been magnified since the advent of artificial intelligence — a booming field where the chips made by once-smaller rival Nvidia have become tech's hottest commodity. Nvida now boasts a market value of $2.8 trillion compared to Intel's $90 billion. Intel's stock price rose more than 10% in Wednesday's extended trading after Tan's hiring was announced, indicating investors believe he will revive the company's fortunes. While Tan was Cadence Design's CEO from January 2009 to May 2021, the company's stock price increased by 44-fold. Tan's past accomplishments resulted him being named winner of the Semiconductor Industry Association's 2022 Robert Noyce Award — an honor named after one of Intel's co-founders.
Associated Press
12-03-2025
- Business
- Associated Press
Intel hires former board member as new CEO in struggling chipmaker's latest comeback attempt
Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs to attempt to turn around a once-dominant company that helped define Silicon Valley. Tan, 65, will take over the daunting job next Tuesday, more than three months after Intel's previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn that triggered massive layoffs and raised questions about the chipmaker's ability to survive as an independent company. This won't be Tan's first time running a semiconductor company, nor his first association with Intel. He spent more than a decade as CEO of Cadence Design Systems, which makes software that helps designs processors, and joined Intel's board of directors in 2022 before stepping down last August. Tan will rejoin Intel's board in addition to becoming CEO. '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 Chairman Frank Yeary said. Intel has been led by interim co-CEOs, David Zinsner and Michelle Johnston Holthaus, since Gelsinger walked away from a job that he undertook in February 2021. Although Gelsinger arrived at Intel amid high hopes, his tenure was a major letdown as Intel's stock price plunged 60%, wiping out $160 billion in shareholder wealth. Leading up to his departure last year, Intel laid of 17,500 of its employees — about 15% of its workforce — and suspended its dividend to save money on its way to an annual loss of $19 billion. More recently, Intel delayed the opening of two new chip factories i n Ohio to ensure the projects are completed in a 'financially responsible manner.' The project is supposed to draw upon the $7.8 billion in funding earmarked for Intel in the CHIPS Incentives Program created during the administration of President Joe Biden. It was the latest sign of distress for Intel, a Santa Clara, California, company that helped launch Silicon Valley by developing the microprocessors that enabled the personal computer revolution under the leadership of its CEO at that time, Andy Grove. But as its leadership changed Intel missed the technological shift to mobile computing triggered by Apple's 2007 release of the iPhone, and it's lagged more nimble chipmakers. Intel's troubles have been magnified since the advent of artificial intelligence — a booming field where the chips made by once-smaller rival Nvidia have become tech's hottest commodity. Nvida now boasts a market value of $2.8 trillion compared to Intel's $90 billion. Intel's stock price rose more than 10% in Wednesday's extended trading after Tan's hiring was announced, indicating investors believe he will revive the company's fortunes. While Tan was Cadence Design's CEO from January 2009 to May 2021, the company's stock price increased by 44-fold.
CBS News
02-03-2025
- Business
- CBS News
Intel again pushes back expected opening for semiconductor plant in central Ohio
Intel Corp. has again pushed back the expected opening for its semiconductor project in central Ohio. The struggling chipmaker announced Friday that construction on the first of its two factories — known as fabs — planned for New Albany is now expected to be completed in 2030 and begin operations between then and 2031. Construction of the second fab should be done in 2031 and operations should begin in 2032. Intel announced the project in January 2022 and broke ground eight months later at the site in Licking County, just northeast of Columbus. The first plant initially was due to begin operating in 2025, but the project has since been delayed by financial concerns, the departure of its CEO last December and other problems. The company was once a dominant force in the semiconductor industry but has been eclipsed by rival Nvidia, which has cornered the market for chips that run artificial intelligence systems. "We are taking a prudent approach to ensure we complete the project in a financially responsible manner that sets up Ohio One for success well into the future," Naga Chandrasekaran, the executive vice president, chief global operations officer and general manager of Intel Foundry Manufacturing, stated in a message posted on Intel's website. "We will continue construction at a slower pace, while maintaining the flexibility to accelerate work and the start of operations if customer demand warrants." Intel has received $2.2 billion of the $7.8 billion in funding it was due as part of the federal CHIPS Incentives Program. At least $1.5 billion of that funding was set to go toward the New Albany project, according to the U.S. Department of Commerce. Dan Tierney, a spokesperson for Republican Gov. Mike DeWine, called the latest delay a "disappointment" but said the state remains confident in the project.
