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Business Times
5 days ago
- Business
- Business Times
Trump asks Intel boss Tan Lip-Bu to resign: What you need to know about the Singapore-raised veteran
[SINGAPORE] US President Donald Trump has called on Singapore-raised Intel chief executive officer Tan Lip-Bu to resign because of what he called conflicts of interest. 'The CEO of Intel is highly conflicted and must resign, immediately,' Trump wrote on Truth Social on Thursday (Aug 7). 'There is no other solution to this problem. Thank you for your attention to this problem!' While Trump did not provide evidence or elaborate further on what potential conflicts of interest Tan - who was appointed in March 2025 - might have, this comes after questions were raised about Tan's links to China . Republican Senator Tom Cotton this week asked the chairman of Intel's board to answer questions about the Tan's ties to China and investments he made there before he was picked as Intel's leader. Cotton flagged concerns about Tan's ties to Cadence Design Systems - a tech company Tan led for over a decade that in July pleaded guilty to violating US export controls by selling hardware and software to China's National University of Defense Technology. Intel shares fell 3.14 per cent at close on Thursday but was up slightly in extended trading. Armed with more than 20 years of semiconductor and software experience, Tan, 65, is Intel's fourth permanent CEO in seven years. He was tasked with turning around the chipmaking giant, one of the world's largest by revenue, which today faces fierce competition from rivals the likes of Nvidia. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Here are some things to know about Tan: Malaysia-born and Singapore-grown Nanyang University alumni, with a love for basketball and fighting fish His childhood past times were basketball, playing with fighting fish and collecting spiders. PHOTO: ST Born in 1959 in Muar, Johor, Tan's nomadic early years were spent in the Malaysian state, Kuala Lumpur and Singapore. His childhood pastimes were basketball, playing with fighting fish and collecting spiders. Majoring in physics at the private Chinese university Nanyang University (NU), popularly known as Nantah, from 1975 to 1978, he graduated at just 19. He later left for the US to pursue a master's degree in nuclear engineering at the Massachusetts Institute of Technology between 1978 and 1981 on a scholarship, and then began a doctorate in the field before giving it up to pursue a master's degree in business administration at the University of San Francisco from 1981 to 1983, his LinkedIn profile shows. As a young man, he displayed business flair by securing funding for research projects while a student. In 2022, he was conferred the Robert N Noyce Award, the Semiconductor Industry Association's highest honour that recognises individuals for outstanding achievement and leadership in the field. Tan pictured with Deputy Prime Minister Heng Swee Keat at the launch of the Nanyang Frontier Fund. PHOTO: BT FILE From 2006 to 2011, Tan served as trustee of Nanyang Technological University (NTU), the public university that occupies the site of the now defunct NU. Alumni rolls of former NU students were transferred to NTU. In 2024, he pledged S$3 million to support NTU's first artificial intelligence professorship, and helped launch the university's S$50 million venture capital (VC) fund – the Nanyang Frontier Fund – dedicated to supporting its deep-tech spinoffs. He is now an American citizen and lives in San Francisco. Multi-hyphenate tech startup investor who led 'reinvention' of former company he helmed A longstanding Silicon Valley investor, Tan has extensive experience in the semiconductor space and is active in several companies. He poured money into semiconductor and hardware startups at a time when others favoured less risky investments such as software, The New York Times said. He believes in taking 'calculated risks', he told The Straits Times. Forbes dubbed him 'pioneer of Asian VC', a nod to how he began investing in Asian tech companies before it was in fashion. Tan was formerly CEO of Nasdaq-listed US tech and computational software company Cadence Design Systems from 2009 to 2021. PHOTO: CADENCE DESIGN SYSTEMS Tan was formerly CEO of tech and computational software company Cadence Design Systems from 2009 to 2021 and is credited for its turnaround. Cadence, a Nasdaq-listed US company, makes software for major chip designers including Intel. Under his charge, its revenue grew from around US$850 million to US$3 billion, and its stock price shot up nearly 5,000 per cent, The Straits Times reported. Tan is also the founding managing partner of early-stage VC fund Walden Catalyst Ventures and chairman of international VC firm Walden International. He holds 'significant public company board experience' and presently sits on Credo Technology Group's and Schneider Electric's boards, said Intel. He was previously on the boards of Hewlett Packard Enterprise and SoftBank Group, reported Reuters. '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,' said Frank Yeary, interim executive chair of Intel's board. 'Throughout his long and distinguished career, he has earned a reputation as an innovator who puts customers at the heart of everything he does, delivers differentiated solutions to win in the market and builds high-performance cultures to achieve success,' Yeary added. Tan also became executive chairman of Nvidia competitor SambaNova Systems in May 2024. Navigating Intel's future: chip foundry and takeover offers Tan is stepping up at a time when Intel's fate murky, as talks of a once-implausible takeover resurfaced recently. With the company struggling in what Bloomberg called 'the toughest period in its 56-year history', news broke in September 2024 that it was approached by Qualcomm for a potential acquisition – possibly one of the biggest merger and acquisition deals ever. As future CEO, Tan will have to face potential takeover suitors and decide whether to stick with Gelsinger's stance – that splitting Intel is unnecessary. He has expressed intent to continue down Gelsinger's path to turn Intel into a semiconductor foundry – a contract manufacturer that makes products for outside clients. Addressing employees in a company website memo, Tan said he was confident of turning Intel around. He wrote: 'We will work hard to restore Intel's position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before.' 'I am joining because I believe with every fibre of my being that we have what it takes to win.'
Straits Times
22-04-2025
- Business
- Straits Times
Singapore's Syfe clinches Australia-listed Selfwealth for $54.5 million in cash
The acquisition will make Syfe one of the largest digital wealth platforms in the Asia Pacific., said CEO Dhruv Arora. ST PHOTO: CHONG JUN LIANG SINGAPORE - Singapore-based investment platform Syfe has emerged the winner in a three-cornered fight to buy Selfwealth, one of Australia's largest digital investing platforms. On April 22, Selfwealth shareholders voted in favour of Syfe's all cash A$65 million (S$54.5 million) offer. The acquisition will make Syfe one of the largest digital wealth platforms in the Asia Pacific, said founder and chief executive officer Dhruv Arora. The transaction is expected to be completed on May 7 after all remaining conditions, including necessary court approvals, are met or waived. Selfwealth will then be delisted from the Australian Securities Exchange, and operate as Selfwealth by Syfe. Syfe's group chief operating officer and head of international operations, Ms Samantha Horton, will lead the integration on behalf of Syfe. CEO Mr Arora believes now is the time to strengthen Syfe's presence in Australia. 'Despite the largest intergenerational wealth transfer in history presently underway, a large proportion of Australians are still keeping their wealth in savings accounts, foregoing significant market returns,' said Mr Arora. 'For many, the missing link is objective, transparent advice and access to the right investment solutions. Syfe is well placed to tap into this opportunity through advice and education as well as a low-cost, innovative offering that doesn't compromise on quality,' he said. Mr Arora added that Selfwealth's strong user base and credibility in the Australian market make it a natural strategic fit for Syfe. The acquisition will provide a seamless transition for customers, unlocking access to Syfe's broader suite of investment products and technology-driven solutions over time, while retaining everything that Selfwealth customers presently enjoy, he said. Syfe was set up in 2019 with a goal to make wealth management more accessible and affordable using technology and quality advice. Australia is estimated to have nearly 12 million Australians who have investable wealth of over US$100,000 (S$130,000) and that number is growing. Singapore-grown Syfe had made a non-binding indicative proposal via its parent company Svava to acquire all of Selfwealth for A$65 million. This translated to A$0.28 cash per share. Svava operates wealth management platforms through its Syfe brand in Australia, Singapore and Hong Kong. Svava became the third company publicly entering the foray to buy Selfwealth, following bids from Australia-based Bell Financial Group and AxiCorp Financial Services last year. At A$65 million, Svava's offer was at a 133 per cent premium to Selfwealth's last close share price of A$0.12 on November 12, 2024, being the day prior to Bell's initial offer. Join ST's WhatsApp Channel and get the latest news and must-reads.
