Long-time Intel executive Pat Gelsinger resigned in December of 2024. Intel was once the world’s largest producer of computer chips with its technology used in almost every PC on the market. However,

Intel's new CEO, Lip-Bu Tan, indicates he wants the company to remain in the expensive foundry business, rather than spin it off.

Intel’s previous CEO, Pat Gelsinger, abruptly retired last year amid a deepening downturn that triggered massive layoffs.

Intel has tapped former Cadence CEO and Intel board member Lip-Bu Tan to lead the embattled x86 chipmaker as it struggles to overcome mounting losses stemming from its foundry business. The announcement, made Wednesday afternoon, comes just over three months after Pat Gelsinger was abruptly dumped as chief exec with no succession plan to speak of.