Intel Director Lip-Bu Tan Leaves Board of Ailing Chipmaker (2)

Intel Corp. director Lip-Bu Tan, a semiconductor industry veteran brought in two years ago to help with the chipmaker’s comeback effort, has stepped down from the board.

Tan informed the board on Aug. 19 that he would be leaving, effective immediately, Intel said in a filing on Thursday, confirming an earlier report by Bloomberg News. The director, a former chief executive officer of Cadence Design Systems Inc. who also runs an investment firm, cited “demands on his time” for driving the move.

“This is a personal decision based on a need to reprioritize various commitments and I remain supportive ...