FILE PHOTO: Intel logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic//File Photo
(Reuters) -Intel's director Lip-Bu Tan, a semiconductor industry veteran brought in two years ago to help with the chipmaker's comeback effort, has stepped down from its board, the chipmaker disclosed in a filing on Thursday.
Tan informed the company on Monday that he was resigning from the board effective immediately.
The news of Tan's departure comes at a challenging time for Intel, which recently forecast third-quarter revenue below market estimates and announced plans to cut more than 15% of its workforce, approximately 17,500 employees, and suspend its dividend starting in the fourth quarter.
"This is a personal decision based on a need to reprioritize various commitments, and I remain supportive of the company and its important work,” Tan said in a statement.
Tan, who has served as executive chair and CEO of Cadence Design Systems Inc, joined Intel's board in Sept. 2022.
Shares of the company were slightly up in extended trading. They closed down 6.1% at $20.10 on Thursday.
Bloomberg News first reported on the departure of Tan.
(Reporting by Juby Babu in Mexico City and Jaspreet Singh in Bengaluru; Editing by Tasim Zahid)
