The search for a new Chief Executive Officer (CEO) of Intel has begun following Pat Gelsinger's departure on Monday. And it is not exactly an easy role to be filled. The tech giant's board is primarily considering external candidates to lead the company through one of its most challenging periods. Among the potential successors is Lip-Bu Tan, a former Intel board member and semiconductor industry veteran. Tan, who previously served as CEO of Cadence Design, left Intel's board in August 2023 after disagreements with Gelsinger over the company's strategic direction. Despite these past tensions, Intel's board has reportedly recently approached Tan to gauge his interest in the position. The search for new leadership is extremely difficult, considering the requirements and massive problems the new CEO would face.

Coming at a critical moment for Intel, which has experienced significant financial challenges under Gelsinger's tenure, the new CEO would need to get the Foundry business to pick up and maintain a solid product roadmap. The company's revenue dropped to $54 billion in 2023, marking a nearly one-third decline since Gelsinger took the helm in 2021. Analysts project Intel's first annual net loss since 1986 this year, with long-term signs of recovery. Gelsinger's exit, which came after the board presented him with the option to retire or be removed, reflects growing impatience with the pace of his ambitious turnaround strategy. The company has appointed CFO David Zinsner and senior executive Michelle Johnston Holthaus as interim co-CEOs while the search committee works to identify a permanent replacement.