Intel Board Shakeup Continues as Three Directors Step Down Amid Turnaround
Three Intel board members will retire at the company’s 2025 annual meeting, the chipmaker announced in a regulatory filing on Thursday, as part of an ongoing leadership overhaul under new CEO Lip-Bu Tan.
The departing directors are Omar Ishrak, former CEO of Medtronic; Tsu-Jae King Liu, dean of engineering at the University of California, Berkeley; and Risa Lavizzo-Mourey, former professor at the University of Pennsylvania.
Ishrak had stepped down as Intel’s chairperson in Jan. 2023 but remained on the board as a director.
The board will shrink to 11 members following their departure.
Intel has been reshaping its board since late 2023 to focus more on semiconductor industry expertise.
In Dec., the company appointed Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology, to the board.
These changes followed the exit of former CEO Pat Gelsinger and reflect a shift away from Intel’s previous board composition, which included leaders from academia, finance, and various industries.
Chairperson Frank Yeary said the company is committed to maintaining a board with the right mix of skills, qualifications, and technical expertise.
All other current directors will stand for reelection.
In a letter to shareholders, Tan said he is equally focused on Intel’s product business and its contract chip manufacturing operations, which are central to the company’s turnaround strategy.
Tan rejoined the board as CEO after previously stepping down in Aug. due to disagreements over the company’s revival plan.
He reaffirmed Intel’s commitment to reducing operating expenses and capital expenditures, simplifying its portfolio, and cutting organisational complexity.
The cost-saving plan, introduced under Gelsinger, includes a 15% workforce reduction.
Gelsinger’s severance totals about USD 7.9 million, and he has forfeited all unvested equity awards.
Three Intel board members to retire in 2025
Board to shrink to 11 members amid leadership overhaul
New CEO Lip-Bu Tan reaffirms focus on product and foundry businesses
Source: REUTERS