Intel Corporation (INTC.US) personnel earthquake: Veteran Ye Li retired in 2017, and chip industry veteran Bharat took over as chairman of the board.

Intel Corporation (INTC.US) announced on Tuesday that long-serving chairman of the board Frank Yeary plans to retire, in the latest personnel change at the leading U.S. chip manufacturer as CEO Chen Liwu seeks to reshape the company. Current board member and senior chip industry executive Craig Barratt will take over as chairman after the annual shareholders meeting in May. Yeary's departure, after a year since Chen Liwu became CEO, is a significant adjustment for the board of the Santa Clara, California-based company. Last year, three board members announced their retirement shortly after Chen Liwu took the helm. Since becoming CEO, Chen Liwu has implemented a turnaround plan, refocusing on manufacturing and reducing company complexity by cutting middle management. Intel Corporation has been a dominant force in the U.S. chip industry for decades, but began to falter around 2010 when it failed to produce a popular mobile chip and fell behind its competitor Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US). Yeary praised the company's progress in revitalizing its manufacturing technology in a statement and noted that he and the board selected Chen Liwu last year. Yeary has been a board member since 2009 and chairman since 2023. He has experienced four CEO changes and the decline of Intel Corporation's manufacturing industry and the rise of Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR. "I think his departure is long overdue," said Seaport Securities analyst Jay Goldberg. "During Yeary's tenure on the board, Intel Corporation made many bad decisions," he said. Three former Intel Corporation executives stated that replacing Yeary, an investor and corporate advisor, with an experienced semiconductor industry executive is a popular move. Intel Corporation stated that its board, which has included managers from fields such as medical devices and aerospace alongside financiers over the years, has been seeking to reshape itself. In a press release announcing Yeary's departure, the company stated: "The board has been deliberately refreshing its members by adding directors with the appropriate skills and backgrounds to match the opportunities and challenges the company faces in the future, with experience and perspectives supporting Intel Corporation's ongoing evolution and the interests of shareholders in the long term." Before becoming CEO, Chen Liwu served on the Intel Corporation board alongside Yeary and left due to disagreements concerning the turnaround plan. Incoming chairman Barratt joined the Intel Corporation board in 2025, bringing experience from Qualcomm (QCOM.US) and a brief stint at Intel Corporation. Barratt is not related to former Intel Corporation CEO Craig Barrett. Goldberg stated, "Chen Liwu's biggest challenge is changing Intel Corporation's culture, and the board's professionalism will greatly assist with this," referring to Barratt's appointment as chairman. Since becoming CEO, Chen Liwu has implemented significant reforms at Intel Corporation. Last year, amidst a reshaping of the company's strategy to address challenges in artificial intelligence, Intel Corporation laid off approximately 20% of its workforce. Chen Liwu also pledged to continue operating Intel Corporation's factories and expanding new customers for its next-generation manufacturing technology, 14A. Last summer, Chen Liwu attracted the attention of U.S. President Trump, who initially demanded his resignation due to conflicts of interest. However, Chen Liwu eventually won the support of the U.S. president, and the government acquired a 10% stake in the company through negotiations, rather than the originally intended allocation under the Chip and Science Act.