Intel CEO Says He Joined to ‘Refocus’ Chip Giant on AI, Foundry

Intel Corp. Chief Executive Officer Lip-Bu Tan said he is working to “refocus” the beleaguered chip company on engineering after its struggles with complacency and mismanagement.

The executive, who was hired at Intel in March, blamed “too many layers of management” at the company for its slide from the top of the semiconductor market.

“It was a tremendous success 20, 30 years ago,” Tan said on Tuesday at the Future Investment Initiative in Riyadh. “So I decided to come in and clean up.”

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Tan said he has ...