Who is Frank Yeary, Intel board chair departing after 17-years
What's the story
Frank Yeary, the long-serving board Chair of Intel, has announced his retirement. The decision comes as part of a broader restructuring effort by CEO Lip-Bu Tan to reshape the tech company. Craig Barratt, an industry veteran, will now take over as chair after the company's annual shareholder meeting in May.
Leadership transition
Yeary's tenure at Intel
Yeary's exit marks a major change in the leadership of the Santa Clara, California-based firm. His tenure on the board began in 2009 and he was appointed chair in 2023. During his time at Intel, Yeary oversaw four CEO transitions and witnessed the decline of Intel's manufacturing capabilities amid TSMC's rise.
Board update
Board changes reflect Tan's restructuring efforts
Yeary's exit comes a year after Tan became CEO and is part of a larger trend. Last year, three board members announced their retirement just weeks after Tan took charge. The changes are part of Tan's strategy to revive the company by focusing on manufacturing and simplifying corporate structure through middle-management job cuts.
Changes
Refreshing the board with semiconductor industry veterans
Intel has been working to refresh its board, which has included executives from medical devices and aerospace, as well as financiers. The company said in a press release that the board has been "intentional in its refreshment efforts." Barratt, who is set to become chair in the upcoming shareholder meeting in May, brings experience from Qualcomm and Google.
Strategic vision
Focus on AI and keeping Intel's factories running
Since taking over as CEO, Tan has made significant changes to Intel. The company cut about 15% of its workforce last year as part of Tan's strategy to focus on artificial intelligence. He has also promised to keep Intel's factories running and attract new customers for its next-generation manufacturing technology, 14A.