Intel Board Chair Frank Yeary to Depart after 17 years
Intel announced that long-serving board Chair Frank Yeary intends to retire, marking another change for the formerly leading U.S. chipmaker as CEO Lip-Bu Tan aims to restructure the company.
Current Intel board member and experienced chip executive Craig Barratt will take over as chair following the company's annual shareholder meeting in May. One year after Tan became CEO, Yeary's exit marks a major change for the board of the Santa Clara, California-based firm.
Last year, three members of the board declared their retirement a few weeks following Tan's takeover. Since assuming the role of CEO, Tan has initiated a strategy to revitalize the company by re-emphasizing manufacturing and decreasing corporate complexity through reductions in middle-management positions.
Intel was the leading U.S. chipmaker for many years, but faltered around 2010 when it did not produce a sought-after mobile phone chip and fell behind competitor Taiwan Semiconductor Manufacturing Co.
Yeary commended the firm's advancements in revitalizing its production technology and highlighted that he and the board chose Tan the previous year.
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Yeary has been a board member since 2009 and became chair in 2023. He has overseen four CEO changes and has managed the decrease of Intel's manufacturing along with the growth of TSMC.
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"I believe his exit was well overdue," said Seaport Securities analyst Jay Goldberg. Yeary mentioned that Intel has made numerous poor choices during his time on the board.
Substituting Yeary, an investor and corporate advisor, with an experienced semiconductor executive was a positive change. Intel stated that its board, which has featured executives from various sectors like medical devices and aerospace, as well as financial experts, aimed to transform itself.
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"The board has been purposeful in its revitalization efforts, incorporating directors with expertise and backgrounds aligned with the forthcoming opportunities and challenges the company encounters, alongside the insights and experiences to bolster Intel's changing strategy and long-term shareholder interests," the company states.