On March 4, according to Reuters, Intel announced on Tuesday that company chairman Frank Yeary plans to retire after the annual shareholder meeting in May, and his position will be replaced by Craig Barratt.
Intel Chairman Jerry
Yeri's departure comes a year after Chen Liwu became Intel CEO and is a major shakeup for the troubled U.S. chipmaker's board of directors. Last year, just weeks after Chen Liwu took office, three board members announced their retirement. Since taking over as CEO, Chen Liwu has embarked on a plan to turn around the company.
Jerry has served as Intel's director since 2009 and as chairman since 2023. During his tenure, he has led four CEO changes and dealt with the challenges of the decline of Intel's manufacturing business and the rise of rival TSMC.
Before becoming CEO, Chen Liwu worked with Jerry on Intel's board of directors, but later resigned due to differences over the company's transformation plan.
In a statement, Yeri acknowledged the company's progress in revitalizing manufacturing technology and noted that he and the board selected Chen Liwu as CEO last year.
Barrett, who is about to take over as chairman, will join Intel's board of directors in 2025 and has served at Qualcomm and Google. It is worth mentioning that Intel previously had a CEO also named Craig Barrett.