TapTechNews August 23rd news, Intel disclosed in a document submitted on Thursday local time that lip-Bu Tan, a senior figure in the semiconductor industry, has resigned from the board of directors.
When the news of Tan's departure came out, Intel is facing a challenging period. The company recently predicted that its revenue in the third quarter would be lower than the market expectation and announced plans to lay off 15% (TapTechNews note: about 15,000 employees).
Tan said in a statement: This is my personal decision. Based on the need to redefine the priorities of various commitments, I still support the company and its important work.
Tan once served as the executive chairman and CEO of EDA software company Cadence Design Systems and joined the Intel board in September 2022.
According to the latest report released by the World Semiconductor Trade Statistics Organization (WSTS), the global semiconductor market achieved revenue of 149.9 billion US dollars (TapTechNews note: currently about 1.07 trillion RMB) in the second quarter of 2024, an increase of 6.5% quarter-on-quarter and 18.3% year-on-year. Intel has always been a leader in this industry, but has fallen to the fourth place this year.
Previously, it was also reported that the Sales and Marketing Group (SMG), which is in charge of the cooperation between Intel and channel enterprises, plans to reduce the cost of this department by more than 35% by the end of 2024.