(Reuters) – Intel Corp director Lip Vu Thanh, a veteran of the semiconductor industry who was brought to the company two years ago to help turn it around, has stepped down from the company’s board, the company said in a filing on Thursday.
Tan notified the company on Monday that he would step down as a director with immediate effect.
News of Tan’s departure comes at a tough time for Intel, which recently forecast third-quarter earnings below market expectations, announced plans to cut more than 15% of its workforce — about 17,500 jobs — and suspend its dividend starting in the fourth quarter.
“This is a personal decision informed by the need to reprioritize our efforts and I continue to support the company and its important work,” Tan said in a statement.
Tan, who served as chairman and CEO of Cadence Design Systems, joined Intel’s board of directors in September 2022.
The company’s shares were up slightly in after-hours trading, having closed down 6.1 percent at $20.10 on Thursday.
Tan’s departure was first reported by Bloomberg News.
(Reporting by Juby Babu in Mexico City and Jaspreet Singh in Bengaluru; Editing by Tasim Zahid)
