Intel's semiconductor veteran Lip-Bu Tan stepping down as director

Investing.com -- Intel Corp. director Lip-Bu Tan, a semiconductor industry veteran, is stepping down from the board, Bloomberg reported on Thursday, according to people familiar with the situation.

Tan, the former chief executive of Cadence Design (NASDAQ: CDNS) Systems Inc and current head of an investment firm, was brought in two years ago to support the chipmaker's turnaround.

A representative for Santa Clara, California-based Intel declined to comment, Bloomberg reported.

The departure comes as the chipmaker recently provided softer guidance for the current period and suspended its dividend as part of of a $10 billion cost-cutting plan.

Intel Corporation (NASDAQ: INTC) closed more than 6% lower on Thursday.

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