New Delhi: Intel is preparing for another leadership change as long-time board chair Frank Yeary plans to retire from the company after 17 years on the board. The announcement comes as CEO Lip-Bu Tan continues efforts to reshape the struggling U.S. chipmaker and rebuild its competitiveness in the global semiconductor market.
The company said current board member and semiconductor industry veteran Craig Barrett will succeed Yeary as chair following Intel’s annual shareholder meeting in May. The transition marks another significant shift in Intel’s leadership structure during a period of major strategic transformation.
Leadership change at a critical time
In 2009, Yeary was elected to the board at Intel and made the chair in 2023. Through his rule, he managed four changes of the CEO and a rough time in the company’s history when the company lost its leadership in manufacturing.
Once the semiconductor industry in the world was dominated by Intel, it started losing its ground after 2010. The firm could not keep up with its competitors like TSMC, particularly after the loss of the booming mobile chip market.
Board refresh under CEO Lip-Bu Tan
This change in leadership succeeds wider aims of reshaping the board of Intel. A number of directors resigned in the past year when Tan replaced the CEO, which was part of an overall effort to add to the company people with more experience in semiconductors.
Intel reported that the board has been deliberately renewed to fit the future strategy of the company and the technological challenges. The company is making an attempt at streamlining operations and emphasising more advanced processing of chips.
Barratt brings industry experience
Craig Barrett became the incoming chair of Intel in 2025 and has served as a board member with it since then but was also a senior employee in the semiconductor sector with leadership positions at Qualcomm. His appointment is an indication that Intel is on its way to incorporating more industry veterans in the governance team.
The analysts believe that the shift would be useful in supporting the turnaround plan of Tan. After assuming the role of CEO, Tan has made major transformations, such as reducing the number of Intel employees by a large percentage of 20 and increasing the focus on its next-generation manufacturing technology called 14A.
Intel’s turnaround strategy
The plan of Tan is to regain the manufacturing leadership at Intel and appeal to new consumers for its chip fabrication services. The reorganisation of the company internally is aimed at simplifying the organisational structure and accelerating the speed of decision-making.
Nevertheless, Intel claims that it has come out of its manufacturing roadmap revival efforts successfully. The next leadership change should underpin the larger initiative of the company to re-establish itself in the semiconductor sector of the globe.