SANTA CLARA, CA - Intel Corporation (NASDAQ:INTC) announced the immediate resignation of board member Lip-Bu Tan on Monday. The departure, cited as a personal decision related to time management, was made public in a regulatory filing with the Securities and Exchange Commission on Thursday.
Mr. Tan, who has been a part of Intel's board, expressed gratitude for the opportunity to serve and stated the resignation was due to the need to reprioritize his commitments. "I am grateful for the opportunity to serve on the Intel Board of Directors. This is a personal decision based on a need to reprioritize various commitments and I remain supportive of the company and its important work," he said.
The semiconductor giant, headquartered at 2200 Mission College Boulevard in Santa Clara, California, did not immediately disclose plans for a successor or how Tan's departure would affect the board's composition.
Intel's stock, which is traded on the Nasdaq Global Select Market under the ticker symbol INTC, may see investor reaction to this board-level change. Shareholders and market watchers often scrutinize board movements for insights into corporate governance and strategic direction.
In other recent news, Intel Corporation has undergone several significant developments. KeyBanc has revised Intel's future earnings per share (EPS) forecasts downward due to the growing influence of non-controlling interests (NCI) on Intel's earnings.
The firm has adjusted its EPS predictions to $0.26 for 2024 and $1.18 for 2025, a decrease from previous estimates. Intel's collaborations, especially those within the Semiconductor Co-Investment Program (SCIP), are expected to shape its earnings trajectory over the next few years.
Intel has also issued a warning against an unsolicited mini-tender offer from Tutanota LLC, advising shareholders to exercise caution. The offer is for up to 1 million shares of Intel's common stock at $34 per share. Intel labels the offer as not in the best interests of its stockholders.
In other developments, SoftBank (TYO:9984) Group Corp has ended its initiative to co-produce an artificial intelligence chip with Intel due to unmet performance and production expectations. Following this, Intel has shifted its focus towards discussions with Taiwan Semiconductor Manufacturing Co. Intel has also reduced its workforce by more than 15%, equating to approximately 17,500 jobs, as part of a restructuring effort.
Lastly, Intel has sold its stake in Arm Holdings (NASDAQ:ARM), netting approximately $146.7 million from the sale of 1.18 million shares. This move comes amidst Intel's challenges in the market, including a reduction in spending on traditional data center semiconductors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.