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Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs to attempt to turn around a once-dominant company that helped define Silicon Valley.Tan, 65, will take over the daunting job next Tuesday, more than three months after Intel’s previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn that triggered massive layoffs and raised questions about the chipmaker’s ability to survive as an independent company.This won’t be Tan’s first time running a semiconductor company, nor his first association with Intel. He spent more than a decade as CEO of Cadence Design Systems, which makes software that helps designs processors, and joined Intel’s board of directors in 2022 before stepping down last August. Tan will rejoin Intel’s board in addition to becoming CEO.“Lip-Bu is an exceptional leader whose technology industry expertise, deep relationships across the product and foundry ecosystems, and proven track record of creating shareholder value is exactly what Intel needs in its next CEO,” Intel’s interim Executive Chairman Frank Yeary said.Intel has been led by interim co-CEOs, David Zinsner and Michelle Johnston Holthaus, since Gelsinger walked away from a job that he undertook in February 2021.Although Gelsinger arrived at Intel amid high hopes, his tenure was a major letdown as Intel’s stock price plunged 60%, wiping out $160 billion in shareholder wealth. Leading up to his departure last year, Intel laid of 17,500 of its employeesabout 15% of its workforceand suspended its dividend to save money on its way to an annual loss of $19 billion.More recently, Intel delayed the opening of two new chip factories in Ohio to ensure the projects are completed in a “financially responsible manner.” The project is supposed to draw upon the $7.8 billion in funding earmarked for Intel in the CHIPS Incentives Program created during the administration of President Joe Biden.It was the latest sign of distress for Intel, a Santa Clara, California, company that helped launch Silicon Valley by developing the microprocessors that enabled the personal computer revolution under the leadership of its CEO at that time, Andy Grove.But as its leadership changed Intel missed the technological shift to mobile computing triggered by Apple’s 2007 release of the iPhone, and it’s lagged more nimble chipmakers. Intel’s troubles have been magnified since the advent of artificial intelligencea booming field where the chips made by once-smaller rival Nvidia have become tech’s hottest commodity.Nvida now boasts a market value of $2.8 trillion compared to Intel’s $90 billion. Intel’s stock price rose more than 10% in Wednesday’s extended trading after Tan’s hiring was announced, indicating investors believe he will revive the company’s fortunes.While Tan was Cadence Design’s CEO from January 2009 to May 2021, the company’s stock price increased by 44-fold.Tan’s past accomplishments resulted him being named winner of the Semiconductor Industry Association’s 2022 Robert Noyce Awardan honor named after one of Intel’s co-founders. Michael Liedtke, AP Technology Writer
Category:
E-Commerce
TD Bank is planning to close at least 37 branches across 10 states and Washington, D.C., as part of a broader effort to streamline operations and adapt to changing customer banking habits. The decision comes amid ongoing recovery efforts for the company, which is still grappling with the fallout from a $3 billion payout after pleading guilty to money laundering and failing to prevent illegal transactions. In October 2024, the Department of Justice (DOJ) revealed that over a six-year period, TD Bank had neglected to monitor more than $18 trillion in payments, enabling the laundering of over $600 million. As part of the settlement, the bank was required to pay hefty fines and cap its worth at $434 million. The branch closures were listed in filings to the Office of the Comptroller of the Currency (OCC). Some of the locations were reported earlier by local publications, including the Philadelphia Business Journal. The move will impact communities in the Northeast, Mid-Atlantic, and Southeast, with affected branches spanning Connecticut, Florida, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, Virginia, and Washington, D.C. We’ve reached out to TD Bank for comment and to ask about the reason for the closures. Below is a state-by-state list of the locations: Connecticut (2) North Branford Branch 1289 Foxon Road, North Branford, New Haven County Torrington Commons 215 High St, Torrington, Litchfield County District of Columbia (1) Georgetown 1611 Wisconsin Avenue NW, Washington, D.C. Florida (3) Beville Nova 1590 South Nova Road, Daytona Beach, Volusia County Main Blvd 160 NW Main Blvd, Lake City, Columbia County South Beach 5th Street Branch 500 Collins Avenue, Miami Beach, Miami-Dade County Maine (5) Fairfield 112 Main St, Fairfield, Somerset County Fort Kent 62 West Main, Fort Kent, Aroostook County Gorham Branch 95 Main Street, Gorham, Cumberland County Houlton 6 North St (PO Box 713), Houlton, Aroostook County Massachusetts (6) Bradford 860 South Main St, Bradford, Essex County East Longmeadow 465 North Main St, East Longmeadow, Hampden County Framingham Franklin Street 420 Franklin St, Framingham, Middlesex County Holyoke 50 Holyoke St, Holyoke, Hampden County Methuen Broadway 547 Broadway, Methuen, Essex County Tewksbury 2345 Main Street 2345 Main Street, Tewksbury, Middlesex County New Hampshire (4) Bristol NH 10 North Main St, Bristol, Belknap County Contoocook/Main 884 Main St, Contoocook, Hillsborough County Hampton 40 High St, Hampton, Rockingham County Wilton Lyndeborough 905 Elm St, Wilton, Hillsborough County New Jersey (5) Cedar Grove 85-107 Pompton Avenue, Cedar Grove, Essex County Marlton East Branch 191 E Route 70, Marlton, Burlington County Ringwood 145 Skyline Drive, Ringwood, Passaic County Royal Road One Royal Rd, Raritan Township, Hunterdon County Spring Lake Heights 555 Warren Avenue, Spring Lake Heights, Monmouth County New York (5) 42nd and Madison Branch 125 Park Avenue, New York, New York County 45th and Lexington Store 451 Lexington Avenue, New York, New York County Dolson Avenue 156A-B Dolson Avenue, Middletown, Orange County Downtown Branch 136 Margaret Street, Plattsburgh, Clinton County Greenlawn 460 Pulaski Road, Greenlawn, Suffolk County Pennsylvania (3) Chestnut Hill Branch 8600 Germantown Pike, Philadelphia, Philadelphia County Frazer Branch 101 Lancaster Avenue, Frazer, Chester County Morrisville Branch West Trenton Ave & Carlisle Ave, Morrisville, Bucks County South Carolina (2) Columbia Main Branch 1501 Main Street, Columbia, Richland County Thornblade Branch 6 Elmshorn Drive, Greer, Greenville County Virginia (2) Centreville Branch Centreville Drive and Machen Road, Centreville, Fairfax County Reston 1750 North Hampton Avenue, Reston, Fairfax County
Category:
E-Commerce
A Wisconsin appeals court ruled Wednesday that disabled people are not allowed to receive absentee ballots by email, overturning a lower court’s ruling less than three weeks before the April 1 election.The initial ruling by a Dane County Circuit Court judge allowing for the ballots to be emailed, made in June, was appealed by the Republican-controlled Legislature. The appeals court in August put the ruling on hold and no ballots were emailed ahead of the November presidential election.The 2nd District Court of Appeals ruling on Wednesday means that disabled voters will not be able to receive absentee ballots by email for the April 1 election, either. Voters are choosing a new Wisconsin Supreme Court justice who will determine majority control of the court, and electing the state’s top education official. Early voting begins Tuesday.Disability Rights Wisconsin, the League of Women Voters and four disabled voters brought the lawsuit a year ago. They argued that not having the email absentee voting option violated their right to independence and privacy while voting.Dane County Circuit Judge Everett Mitchell ruled in June that disabled people should be allowed to have absentee ballots emailed to them, a privilege currently available only to military and overseas voters.But the appeals court overturned that ruling, saying Wednesday that the lower court was wrong to issue a temporary injunction that would have changed and “significantly disrupted the status quo.”The status quo in Wisconsin allows for absentee ballots to be emailed only to military and overseas voters, “no one else,” appeals court judges Mark Gundrum, Shelley Grogan and Maria Lazar wrote.The ruling was limited to whether granting a temporary injunction to immediately allow for emailing of ballots was warranted.The ruling will not be appealed, Disability Rights Wisconsin and the League of Women Voters said in a joint statement. Instead, they will pursue the merits of the case in circuit court, they said.Neither those who brought the lawsuit, or the Wisconsin Elections Commission, had any estimates of how many disabled voters would request absentee ballots by email.More than one million Wisconsin residents over age 18 have some kind of a disability, according to the Centers for Disease Control and Prevention. Nearly 100,000 Wisconsin adults suffer from vision difficulties, according to statistics compiled by state health officials.The judge’s ruling last year, before it was put on hold and now overturned, would have allowed for emailed ballots to be sent only for voters who self-certify that they can’t read or mark a paper ballot without help.The voters could have cast their ballots electronically at home using devices that help them read and write independently. The voters would then have been required to print and mail the ballots back to the clerks or return them in person.Other absentee voters can request ballots electronically, but they are then sent in the mail and not electronically. Voters then physically mark the paper ballots before returning them in person or via the mail.The Wisconsin Department of Justice, which represented the state elections commission, argued that the process was open to security risks and could cause confusion. The Legislature also intervened.Republican Senate Majority Leader Devin LeMahieu hailed the ruling, calling it a “victory for the rule of law and election security in Wisconsin.”“Allowing courts to decide who can vote from home, using the internet, would weaken election integrity and hurt voters’ faith in our elections,” LeMahieu said in a statement. Scott Bauer, Associated Press
Category:
E-Commerce
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