Lip-Bu Tan has resigned as a director of Intel Corp., the semiconductor industry veteran who was brought in two years ago to help in the chipmaker's comeback effort.

Intel said in a Thursday filing that Tan, who is the former chief executive officer of Cadence Design Systems Inc. and also runs an investment firm, has cited "demands on his time" as the reason for leaving.

"This is a personal decision based on a need to reprioritise various commitments and I remain supportive of the company and its important work," he said in the filing.

The move follows a disastrous quarterly report earlier this month, which sent Intel shares on their worst rout in decades. After reporting the miserable quarterly report, the once-dominant chipmaker gave a dour forecast, suspended its long-standing dividend, and announced plans to slash more than 15 per cent of its workers.

CEO Pat Gelsinger has been working to put Intel back on the map of the chip industry, ramping spending on new factories and technologies, though losing market share to the likes of Nvidia Corp. and Advanced Micro Devices Inc.

Elected to the seat in the month of September, Tan made a part of Intel's mergers and acquisitions committee.

When Tan joined the board in July, he called Gelsinger a bold leader and said the company was "undergoing a massive transformation to capitalise on the tremendous opportunities that lie ahead."

Recently, Intel has been all about cutbacks. Besides initiatives to trim jobs and expenses, the chipmaker also nixed its annual Innovation event. It also recently disposed of its stake in chip technology creator Arm Holdings Plc.

Lip-Bu Tan has resigned as a director of Intel Corp., the semiconductor industry veteran who was brought in two years ago to help in the chipmaker's comeback effort.

Lip-Bu Tan has resigned as a director of Intel Corp., the semiconductor industry veteran who was brought in two years ago to help in the chipmaker's comeback effort. Intel said in a Thursday filing that Tan, who is the former chief executive officer of Cadence Design Systems Inc. and also runs an investment firm, has cited "demands on his time" as the reason for leaving. "This is a personal decision based on a need to reprioritise various commitments and I remain supportive of the company and its important work," he said in the filing. The move follows a disastrous quarterly report earlier this month, which sent Intel shares on their worst rout in decades. After reporting the miserable quarterly report, the once-dominant chipmaker gave a dour forecast, suspended its long-standing dividend, and announced plans to slash more than 15 per cent of its workers. CEO Pat Gelsinger has been working to put Intel back on the map of the chip industry, ramping spending on new factories and technologies, though losing market share to the likes of Nvidia Corp. and Advanced Micro Devices Inc. Elected to the seat in the month of September, Tan made a part of Intel's mergers and acquisitions committee. When Tan joined the board in July, he called Gelsinger a bold leader and said the company was "undergoing a massive transformation to capitalise on the tremendous opportunities that lie ahead." Recently, Intel has been all about cutbacks. Besides initiatives to trim jobs and expenses, the chipmaker also nixed its annual Innovation event. It also recently disposed of its stake in chip technology creator Arm Holdings Plc.

Intel's Director Lip-Bu Tan departs from the board of the struggling chipmaker

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Intel's Director Lip-Bu Tan departs from the board of the struggling chipmaker