Read Intel’s new CEO Lip-Bu Tan memo to employees: It won’t be easy, but I am joining because…

Intel has appointed semiconductor industry veteran Lip-Bu Tan as its new chief executive officer, effective immediately, succeeding Pat Gelsinger, who was ousted the last year. In his first memo to employees, Tan outlined his vision for restoring Intel's position in the industry.

“Not to say it will be easy. It won't be. But I am joining because I believe with every fiber of my being that we have what it takes to win,” Tan wrote to employees on March 12. "I believe we have a truly unique opportunity to remake our company at one of the most pivotal moments in its history.”

Tan, who previously served as CEO of Cadence Design Systems and was a member of Intel's board from 2022 to 2024, emphasized a three-part philosophy: "Stay humble. Work hard. Delight our customers."

The leadership change comes amid significant challenges for Intel, which has struggled against competitors and seen its stock value decline significantly in recent months.