Intel's headwinds are not over yet. After the disappointing Q2 financial report, Intel confirmed on Thursday that a senior figure in the semiconductor industry has resigned from his position on the Intel board of directors.
Intel stated in a statement that LipBu Tan notified the board of directors on August 19th that he would resign, and this decision took immediate effect.
Chen Liwu himself stated that this was his personal decision, and it was because he lacked the ability to multitask and needed to re determine the priority order of various tasks. He said he will continue to support Intel and its important work.
Chen Liwu officially joined the Intel board of directors on September 1, 2022, and participated in the work of the Intel board's merger and acquisition committee. According to reports at the time, Chen Liwu's joining was to help Intel achieve semiconductor transformation and revival work.
Omar Ishrak, Chairman of Intel's Board of Directors, has pointed out that Chen Liwu is a highly respected global leader in the semiconductor industry. His expertise in software, semiconductors, and venture capital, deep industry relationships, and extensive experience in listed company boards will bring more valuable perspectives to Intel's Board of Directors.
However, this appointment came to an abrupt end in less than two years, which has further raised concerns about Intel's chip ambitions.
Muddy Intel
Chen Liwu is one of the most respected and outstanding figures in the semiconductor industry, having received the highest honor of the Semiconductor Industry Association, the Robert Noyce Award.
In 1987, he founded Walden International, a venture capital firm that plays an important role in driving semiconductor innovation and development. In addition, Chen Liwu played a transformative leadership role during his tenure as Executive Chairman and CEO of Cadence Design Systems, and was therefore awarded the Dr. Zhang Zhongmou Outstanding Leadership Award by the Global Semiconductor Alliance.
Therefore, when he joined Intel two years ago, he was seen by the market as a positive factor for the company's transformation. Of course, his resignation has also become a negative factor that undermines morale in the present.
Intel has announced layoffs of over 15% starting from the fourth quarter, equivalent to cutting 17500 employees, while suspending dividends to shareholders. Intel has also cancelled its plans for annual innovation events and recently sold its stake in chip design company Arm.
Since the beginning of this year, Intel's stock price has fallen by 57.95%, which is in sharp contrast to its peers. The Philadelphia Semiconductor Index has risen by over 20% this year due to the promotion of artificial intelligence.