Intel Announces Retirement of Three Board Members Amid Turnaround Efforts

Three Intel board members will not seek reelection at the chipmaker's 2025 annual meeting, the company announced in a regulatory filing on Thursday, as part of a historic transition under newly appointed CEO Lip-Bu Tan.

As it looks to restore its lost glory under new leadership, the company has been restructuring its board since late last year to make it more focused on the chip industry.

The most recent action will make the board only eleven in size.

Among those retiring is former Medtronic CEO Omar Ishrak. He resigned as Intel's chair in January 2023, but he continued to serve as a director.

In the meantime, Intel bolstered its board in December by adding Steve Sanghi, interim CEO of Microchip Technology, and Eric Meurice, former CEO of chipmaking equipment provider ASML.

The appointments came after Pat Gelsinger, the former CEO, was fired.

The changes represent a departure from Intel's previous board structure, which was comprised of academic and financial leaders, as well as former senior executives from the medical, technology, and aerospace industries.

"We are committed to having the right mix of skills, qualifications, and technical expertise on the Board," Chairman Frank Yeary stated in the filing on Thursday.

All other current directors will run for reelection.

"Equally Focused" on Product and Foundry

In a letter to shareholders on Thursday, CEO Tan stated that "to enable great products," he was "equally focused" on the company's product and contract chip manufacturing businesses, which are at the heart of a turnaround strategy championed by former CEO Gelsinger.

Gelsinger received a total severance payment of approximately $7.9 million and forfeited all outstanding unvested equity awards, according to the company.

Alongside his appointment as CEO, Tan, who had resigned from Intel's board in August over differences of opinion regarding the company's plan for revival, rejoined as a director.

Tan made reference to the cost-cutting strategy Gelsinger put in place last year, which included a 15% workforce reduction, when he stated, "We will remain focused on executing this plan to reduce our operating expenses and capital expenditures, simplify our portfolio, and eliminate organizational complexity."