Intel Board Member Lip-Bu Tan Resigns Amid Financial Struggles

Tan's departure comes as Intel faces significant cost-cutting measures and a challenging market environment.

Lip-Bu Tan stepped down from Intel's board effective August 19, citing personal reasons and a need to reprioritize commitments.
Intel recently announced a $10 billion cost-reduction plan, including cutting over 15% of its workforce.
The company reported a 0.9% year-on-year decline in second-quarter revenue, missing analyst expectations.
Intel has suspended its dividend and forecasted lower-than-expected third-quarter revenue.
Intel aims to ship chips for over 100 million AI personal computers by 2025, despite current financial challenges.