Intel announced Tuesday that its longtime board Chair, Frank Yeary, will retire. This marks the latest change for the once-dominant U.S. chipmaker as CEO Lip-Bu Tan works to transform the company. Craig Barratt, a current Intel board member and experienced chip executive, will take over as chair after the annual shareholder meeting in May.
Yeary’s departure continues a trend of board changes at the Santa Clara, California-based company. Last year, three other board members announced their retirements shortly after Tan became CEO. Since then, Tan has implemented a plan to revitalize Intel, focusing more on manufacturing and simplifying the company by cutting middle-management jobs.
For decades, Intel led the U.S. chip industry. However, it stumbled around 2010 when it failed to produce a popular mobile phone chip and fell behind rival manufacturer Taiwan Semiconductor Manufacturing Co (TSMC).
In a statement, Yeary praised Intel’s progress in improving its manufacturing technology. He also noted that he and the board chose Tan as CEO last year. Yeary served on the board since 2009 and became chair in 2023. During his time, he oversaw four CEO transitions and witnessed Intel’s manufacturing decline while TSMC rose to prominence.
“I think his departure was long overdue,” said Seaport Securities analyst Jay Goldberg. He added that Intel made many “bad decisions” while Yeary was on the board. Three former Intel executives told Reuters they welcomed replacing Yeary, an investor and corporate adviser, with an experienced semiconductor executive.
Intel stated its board has intentionally worked to refresh its members. The company wants to add directors with skills and backgrounds that align with its future opportunities and challenges, as well as those who can support its evolving strategy and long-term shareholder interests.
The incoming chair, Barratt, joined the Intel board in 2025. He has experience at Qualcomm and a brief stint at Intel. Barratt is not related to former Intel CEO Craig Barrett. Analyst Goldberg believes that “Lip-Bu’s biggest challenge is changing Intel’s culture, and professionalizing the board will help that a lot,” referring to Barratt’s appointment.
Since becoming CEO, Tan has made significant changes at Intel. Last year, Intel cut about 20% of its workforce as Tan refocused the company’s strategy on artificial intelligence. Tan also committed to operating Intel’s factories and seeking new customers for its next-generation manufacturing technology, called 14A.
Last summer, Tan even caught the attention of U.S. President Donald Trump, who initially called for his resignation due to conflicts of interest. Tan has since won over the American president, whose administration negotiated a 10% stake in the company instead of providing funds from the CHIPS Act.
