Intel said Tuesday that Chairman Frank Yeary plans to step down after the company's annual meeting in May. Craig Barratt will take over. The move marks a major leadership change for the U.S. semiconductor company as it struggles to recover from challenges in the chipmaking industry.
Yeary's departure comes just a year after Lip-Bu Tan took over as CEO , underscoring ongoing turmoil on the board. Last year, three members resigned just weeks after Tan took over. Since then, Tan has embarked on an ambitious restructuring program to return Intel to the forefront of technological innovation.
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's legacy Frank and Intel's challenges
Yeary has served on Intel's board since 2009 and became chairman in 2023. During his tenure, he faced four CEO changes, the decline of Intel's manufacturing and the impressive rise of Taiwanese competitor Taiwan Semiconductor Manufacturing Co... Yeary's experience was crucial in choosing Tan as CEO, with him praising the company's progress in reviving chip-making technology.
Yeary's relationship with Tan began on the board and was fraught with tension when Tan had differing views on the restructuring plans . However, Tan's selection as CEO appears to have formalized a new era for Intel, aimed at addressing technological and strategic challenges.
New chairman Craig Barratt and his experience
The new chairman, Craig Barratt, joined Intel's board in 2025 and brings a wealth of experience from companies like Qualcomm and Google. His name is reminiscent of former CEO Craig Barrett, but Barratt brings a fresh approach that connects innovation with managing business challenges.
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Barratt's experience at technology giants is expected to help strengthen Intel's strategy, particularly in the areas artificial intelligence and manufacturing process restructuring. Intel needs leadership that combines semiconductor expertise with crisis management skills.
Reforms and layoffs in the workforce
Since taking over as CEO, Tan has introduced significant changes to the company. One of the most controversial measures was a proposal to reduce the workforce. At the same time, he is trying to reshape Intel's strategy to compete in the artificial intelligence market, where the company has lagged behind rivals.
Managing this restructuring has been quite difficult, as employees and investors are closely watching every move. These changes affect not only personnel, but also Intel's long-term strategy in cutting-edge technology areas such as high-performance chips and artificial intelligence systems.
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International attention and US government involvement
Over the summer, Tan's strategy caught the attention of US President Donald Trump, who called for his resignation over a potential conflict of interest. However, Intel managed to win the trust of the government, which negotiated a 10% stake in the company in exchange for direct financial support from the CHIPS Act.
This engagement underscores Intel's strategic importance to national technological security and critical infrastructure development. Tan is called upon to balance corporate restructuring with safeguarding the public interest, shaping a new era for Intel in the semiconductor and technological innovation sectors.
The change in the chairmanship of the board marks a new phase for Intel, where strategic decisions and leadership will determine the company's ability to remain competitive in an ever-changing marketplace. Barratt's experience and insight are expected to play a decisive role in Intel's next era.
Source: Reuters
