Intel said board chair Frank Yeary, who has led the board since 2023, will step down after the shareholders meeting in May.
On the 3rd (local time), Intel said that after Yeary resigns as chair, director Craig Barrett will be appointed the new chair. Barrett, who joined the board in November last year, earned a doctorate in electrical engineering from Stanford University and served on the executive teams at Qualcomm, Intel, and Google.
Yeary, a finance expert who began his career in investment banking, has served as a director since 2009 and is leaving the board after 17 years. With semiconductor expert Barrett appointed as Yeary's successor, some see Intel moving to overhaul its organization to revive an engineering-centered culture.
Intel Chief Executive Officer (CEO) Pat Gelsinger also said of the incoming chair, Barrett, "He has deep expertise in semiconductors and a track record of technology and operational leadership in complex, engineering-led businesses," adding, "As we enter a phase focused on product leadership and the development of our foundry (contract chip manufacturing), his experience will play a pivotal role."
Yeary last year called for spinning off the loss-making foundry business, putting him at odds with CEO Gelsinger, who had argued for keeping the unit.