Aug 22 (Reuters) - Intel's ( INTC ) director Lip-Bu Tan,

a semiconductor industry veteran brought in two years ago to

help with the chipmaker's comeback effort, is stepping down from

its board, Bloomberg News reported on Thursday, citing people

familiar with the situation.

Shares of the company were last down 4.8% in late-afternoon

trading.

The news of Tan's departure comes at a challenging time

for Intel ( INTC ), which

recently forecast

third-quarter revenue below market estimates and announced

plans to cut more than 15% of its workforce, approximately

17,500 employees, and suspend its dividend starting in the

fourth quarter.

Tan, who has served as executive chair and CEO of Cadence

Design Systems Inc ( CDNS ), joined Intel's ( INTC ) board in Sept. 2022.

Both Intel ( INTC ) and Tan were not immediately available for

comment on the report.