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Intel's Board Chair Steps Down Amidst Major Overhaul
4 Mar
Summary
- Frank Yeary, Intel's board chair since 2023, will retire in May.
- Craig Barratt, a veteran chip executive, will succeed Yeary.
- This change is part of CEO Lip-Bu Tan's ongoing company transformation.
Intel's board is undergoing a significant leadership change as Chairman Frank Yeary announced his upcoming retirement. His departure, effective after the company's annual shareholder meeting in May, marks the latest shakeup for the U.S. chipmaker. Veteran chip executive Craig Barratt is slated to succeed Yeary as the new board chair.
Yeary's retirement comes at a crucial time for Intel, as CEO Lip-Bu Tan continues his efforts to transform the company since taking the helm. Tan has been implementing a turnaround plan that re-emphasizes manufacturing and streamlines operations through job cuts. The company aims to revitalize its manufacturing technology and capture new opportunities.
Barratt, who joined Intel's board in 2025, brings extensive experience from roles at Qualcomm and a previous stint at Intel. His appointment is seen by analysts as a positive step towards professionalizing the board and aiding cultural change within Intel. The board itself has been actively refreshing its composition to align with future strategic challenges and opportunities.
Intel, once a dominant force in the semiconductor industry, faced challenges around 2010, particularly with mobile chip development, and has since seen rivals like TSMC gain ground. Yeary, who joined the board in 2009 and served as chair since 2023, has navigated several CEO transitions and the company's manufacturing evolution.
