05:27 PM EDT, 08/22/2024 (MT Newswires) -- Intel ( INTC ) board member Lip-Bu Tan stepped down as director earlier this week, the chipmaker said on Thursday.

In a statement supplied by the company, Tan cited personal reasons for leaving the board. "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, according to a regulatory filing.

Tan was chief executive of Cadence Design Systems ( CDNS ) between 2009 to 2021 and is now chairman and founding managing partner at Walden Catalyst Ventures. He became an Intel ( INTC ) director in August 2022 and was re-elected in 2023 and 2024, according to Intel's ( INTC ) most recent proxy statement. He was a member of an advisory committee to the Intel ( INTC ) board prior to joining as a director.

During his time on the Intel ( INTC ) board, Tan sat on the merger and acquisitions committee. He did not immediately reply to a request seeking comment from MT Newswires.

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