Intel Corp chief executive officer Tan Lip Bu. — BloombergLas Vegas: Intel Corp chief executive officer Tan Lip Bu says one of his priorities will be to restock the chipmaker with some of the talent that it has lost over the years.
Tan, making his first public appearance at the Intel Vision conference in Las Vegas, said the company needs to recruit capable engineers and retain those that work for it.
The semiconductor veteran is trying to restore the fortunes of a company that dominated an industry for decades, but now finds itself chasing rivals in most of the areas that define success in the field.
A key question confronting its leadership is whether a turnaround is best served by the company remaining whole or splitting up its key product and manufacturing operations.
“We have a lot of hard work ahead,” Tan said, addressing the conference audience.
“There are areas where we’ve fallen short of your expectations.”
The appointment of Tan, 65, who assumed the role on March 18, first sparked optimism and lured some investors back to the stock.
But since then, the shares have declined along with a general sell-off in technology shares.
In an initial memo to Intel employees, Tan said he’s confident he can turn the business around but that it won’t be easy.
Tan’s predecessor, Pat Gelsinger, was pushed out by the board for a perceived failure to rejuvenate Intel’s product lineup.
One of the most glaring challenges: creating an artificial intelligence (AI) accelerator chip that can rival the products of Nvidia Corp.
That company, once in Intel’s shadow, has seen its revenue and valuation skyrocket over the past two years due to the AI computing boom. — Bloomberg
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