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:) 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:) closed more than 6% lower on Thursday.