:Intel’s 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 per cent in late-afternoon trading.

The news of Tan’s departure comes at a challenging time for Intel, which recently forecast third-quarter revenue below market estimates and announced plans to cut more than 15 per cent 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 , joined Intel’s board in Sept. 2022.

Both Intel and Tan were not immediately available for comment on the report.