Intel Corp. Chief Executive Officer Lip-Bu Tan said the chipmaker will spin off assets that aren’t central to its mission and create new products including custom semiconductors to try to better align itself with customers.

Intel needs to replace the engineering talent it has lost, improve its balance sheet and better attune manufacturing processes to meet the needs of potential customers, Tan said. Speaking at his first public appearance as CEO, at the Intel Vision conference Monday in Las Vegas, Tan didn’t specify what parts of Intel he believes are no longer central to its future.