Spencer Stuart Assists Intel with CEO Search
March 26, 2025 – Spencer Stuart has assisted in the recruitment of Lip-Bu Tan as the new CEO of Intel Corporation. Pat Gelsinger retired from the company after a distinguished 40-plus-year career and has stepped down from the board of directors, effective December 1, 2024. He succeeds interim co-CEOs David Zinsner and Michelle Johnston Holthaus. Mr. Tan will also rejoin the Intel board of directors after stepping down from the board in August 2024. Frank D. Yeary, who took on the role of interim executive chair of the board during the search for a new CEO, will revert to being the independent chair of the board upon Mr. Tan becoming CEO.
“Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO,” Mr. Yeary said. “Throughout his long and distinguished career, he has earned a reputation as an innovator who puts customers at the heart of everything he does, delivers differentiated solutions to win in the market and builds high-performance cultures to achieve success.
“Like many across the industry, I have worked closely with Lip-Bu in the past and have seen firsthand how his relentless attention to customers drives innovation and success,” Mr. Yeary continued. “We are delighted to have Lip-Bu as our CEO as we work to accelerate our turnaround and capitalize on the significant growth opportunities ahead.”
Mr. Tan is an accomplished technology leader with deep semiconductor industry experience. He is a longtime technology investor and widely respected executive with more than 20 years of semiconductor and software experience as well as deep relationships across Intel’s ecosystem. Mr. Tan served as CEO of Cadence Design Systems from 2009 to 2021, where he led a reinvention of the company and drove a cultural transformation centered on customer-centric innovation.
During his time as CEO, Cadence more than doubled its revenue, expanded operating margins and delivered a stock price appreciation of more than 3,200 percent. Mr. Tan served as a member of the Cadence board of directors for 19 years, from his appointment in 2004 through his service as executive chairman from 2021 to 2023 following his tenure as CEO. He is also a founding managing partner of Walden Catalyst Ventures and chairman of Walden International. He has significant public company board experience, currently serving on the boards of Credo Technology Group and Schneider Electric.
“I am honored to join Intel as CEO,” Mr. Tan said. “I have tremendous respect and admiration for this iconic company, and I see significant opportunities to remake our business in ways that serve our customers better and create value for our shareholders. Intel has a powerful and differentiated computing platform, a vast customer installed base and a robust manufacturing footprint that is getting stronger by the day as we rebuild our process technology roadmap. I am eager to join the company and build upon the work the entire Intel team has been doing to position our business for the future.”
Intel Corporation is a multinational technology company headquartered in Santa Clara, California, known primarily for designing and manufacturing microprocessors used in personal computers and servers. It plays a significant role in the global semiconductor industry and has faced increasing competition in recent years from companies like AMD and ARM-based chipmakers. Intel is also investing in areas such as artificial intelligence, autonomous driving, and foundry services as it seeks to diversify its business.
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Privately held since 1956, Spencer Stuart focuses on delivering knowledge, insight, and results through the collaborative efforts of a team of search professionals — now spanning 56 offices, 30 countries, and more than 50 practice specialties. The firm helps boards and leaders address their leadership needs in areas such as senior-level executive search, board recruitment, board effectiveness, succession planning, in-depth senior management assessment and many other facets of organizational effectiveness.
Hanesbrands Search
Spencer Stuart has been tapped by Hanesbrands to lead in its search for a new CEO. Steve Bratspies announced that he will depart as CEO of the company at the end of 2025, or upon the appointment of his successor. As part of the company’s leadership succession planning process, the board has begun a comprehensive search to identify the company’s next CEO and has retained Spencer Stuart to support its work.
“Having reached a positive and important inflection point in executing our strategy and looking ahead to the next leg of the company’s journey, the board, in concurrence with Steve, has decided that now is the right time to initiate a search for our next CEO,” said Bill Simon, chairman of the board. “We are actively searching for the next leader who will continue building on our momentum for the next chapter of the company’s growth. We will provide updates as appropriate. On behalf of the entire board, we deeply appreciate the transformative leadership Steve has demonstrated throughout his tenure as CEO to make Hanesbrands a new and better company.”
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Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
