By Max A. Cherney and Stephen Nellis
SAN FRANCISCO, March 3 (Reuters) – Intel said on Tuesday that former Chairman Frank Yeary plans to retire, the latest shakeup for the once-dominant U.S. chipmaker, as Chief Executive Lip-Bu Tan seeks to “reshape the company.”
Craig Barratt, a current member of Intel’s board of directors and a veteran chip executive, will succeed Yeary as chairman after the company’s annual shareholder meeting in May.
A year after Tan took over as CEO, Yeary’s departure is a significant change for the Santa Clara, California-based company’s board of directors. ​Last year, three board members announced their retirement several weeks after Tan took the helm. Since becoming CEO, Tan has implemented a plan to transform the company that brings back manufacturing and reduces corporate complexity through cuts to middle management positions.
Intel was the dominant chipmaker in the United States for decades, but stumbled around 2010, when it failed to make a popular chip for mobile phones and failed to keep pace with rival maker Taiwan Semiconductor Manufacturing Co.
In a statement, Yeary praised the company’s progress in reviving its manufacturing technology, noting that he and the board of directors selected Tan last year.
Yeary has served on the board since 2009 and has been chairman since 2023. He has presided over four CEO transitions and has navigated Intel’s manufacturing decline and the rise of TSMC.
“I think his departure was long overdue,” said Seaport Securities analyst Jay Goldberg. “Intel has made a lot of bad decisions” while Yeary was on the board, he said.
Replacing Yeary, an investor and corporate adviser, with an experienced semiconductor executive was a welcome move, three former Intel executives told Reuters.
Intel said its board, which over the years has included executives from fields such as medical devices and aerospace as well as financiers, had tried to remake itself.
“The board has been intentional in its renewal efforts, adding directors with the skills and experience to map the future opportunities and challenges facing the company, as well as the experience and perspectives to support Intel’s evolving strategy and long-term shareholder interests,” the company said in its press release announcing Yeary’s departure.
Prior to Tan’s promotion as CEO, he served on Intel’s board of directors with Yeary until Tan left due to differences over the company’s turnaround plans.
Incoming Chairman Barratt joined Intel’s board of directors in 2025 and has experience working at Qualcomm and briefly at Intel. Barratt is not related to former Intel CEO Craig Barrett.