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Three Intel board members to retire in latest shakeup amid turnaround

Daniel Nenni

Daniel Nenni

Admin
Staff member
b6ae7c4b129a631bd2e69300a3028eda

FILE PHOTO: Sign shown at headquarters for Intel Corp in Santa Clara · Reuters

(Reuters) - Three Intel board members will not stand for reelection at its 2025 annual meeting, the chipmaker said in a regulatory filing on Thursday, amid a historic transition under newly appointed CEO Lip-Bu Tan.

Since late last year, the company has been reshuffling its board to make it more chip industry focused as it attempts to reclaim its lost glory under new leadership.

The latest move will shrink the size of the board to 11.

The members retiring include Omar Ishrak, former CEO of medical device maker Medtronic, who had in January 2023 stepped down as Intel's chairperson but stayed on as a director.

Tsu-Jae King Liu, a dean at the College of Engineering at the University of California, Berkeley, and Risa Lavizzo-Mourey, a former professor of population health and health equity at the University of Pennsylvania, are the others leaving the board.

Meanwhile, Intel bolstered its board through the appointments of Eric Meurice, former CEO of chipmaking equipment provider ASML, and Steve Sanghi, interim CEO of Microchip Technology, in December.

The appointments followed the ouster of former CEO Pat Gelsinger.

The changes mark a departure from Intel's previous board structure, which was populated by leaders in academia and finance, as well as former senior executives from the medical, tech and aerospace industries.

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

All other current directors will stand for reelection.

"EQUALLY FOCUSED" ON PRODUCT AND FOUNDRY

CEO Tan said in a letter to shareholders on Thursday that "to enable great products," he was "equally focused" on the company's product business and contract chip manufacturing business - the center of a turnaround strategy championed by former CEO Gelsinger.

Gelsinger's total severance payment stands at about $7.9 million and he has forfeited all his outstanding unvested equity awards, the company said.

Tan, who in August left Intel's board due to disagreements over the company's revival plan, rejoined as a director along with his appointment as CEO.

"We will remain focused on executing this plan to reduce our operating expenses and capital expenditures, simplify our portfolio and eliminate organizational complexity," Tan said, referring to the cost-savings plan introduced last year under Gelsinger, which included a 15% workforce reduction.

 
Another good sign from Lip-Bu. Who else needs to go?

As of March 27, 2025, Intel Corporation's board of directors comprises the following members:
  • Lip-Bu Tan: Appointed as Intel's Chief Executive Officer and board member in March 2025.
    Press Release Hub

  • James (Jim) J. Goetz: Partner at Sequoia Capital; joined Intel's board in November 2019.
    Intel Corporation

  • Dr. Andrea J. Goldsmith: Dean of Engineering and Applied Science at Princeton University; joined the board in September 2021.
    Intel Corporation

  • Alyssa H. Henry: Former CEO of Square; joined the board in January 2020.
    Intel Corporation

  • Eric Meurice: Former President and CEO of ASML Holding N.V.; joined the board in December 2024.
    Newsroom

  • Barbara G. Novick: Co-founder and former Vice Chairman of BlackRock Inc.; joined the board in December 2022.
    Intel Corporation

  • Stacy J. Smith: Executive Chairman of Kioxia Corp. and Chair of Autodesk Inc.; joined the board in March 2024.
    Intel Corporation

  • Dion J. Weisler: Former President and CEO of HP Inc.; joined the board in June 2020.
    Intel Corporation

  • Steve Sanghi: Chairman and interim CEO of Microchip Technology Inc.; joined the board in December 2024.
    Newsroom

  • Notably, Dr. Omar Ishrak, Dr. Tsu-Jae King Liu, and Dr. Risa Lavizzo-Mourey have announced their retirement from the board and will not stand for reelection.
    Investing.com
 
osnium said:
I would have gotten rid of Frank Yeary and kept Tsu Jae King Liu. Prof. Dr. King Liu is a co-inventor of the FinFET and has deep technical insights.
Click to expand...

Frank is Independent chair, not even sure what his job really is?

ChatGPT:

An independent chair of a board of directors is a leader who oversees the board's activities while maintaining independence from the company's management. Unlike an executive chair (who might be involved in daily operations), the independent chair is not part of the company's executive team and has no direct management responsibilities.

Frank D. Yeary is currently the independent chair of Intel Corporation's board of directors. He joined the board in March 2009 and was appointed as chair in January 2023. In addition to his role at Intel, Yeary serves on the boards of PayPal Holdings and Mobileye Global Inc. He is also the managing member at Darwin Capital Advisors LLC, a private investment firm.

Key Responsibilities of an Independent Chair:​

  1. Board Leadership – Ensures the board operates effectively and independently, setting agendas, leading meetings, and facilitating discussions.
  2. CEO Oversight – Works as a liaison between the board and the CEO, providing guidance and evaluating leadership performance.
  3. Corporate Governance – Upholds governance best practices, ensuring ethical decision-making and adherence to shareholder interests.
  4. Strategic Guidance – Helps set long-term company strategy while maintaining an independent viewpoint.
  5. Stakeholder Communication – Engages with investors and other stakeholders to build trust and transparency.
  6. Committee Coordination – Works with board committees (e.g., audit, compensation, risk) to ensure accountability.
For Intel, Frank Yeary, as independent chair, plays a critical role in maintaining checks and balances between the company’s leadership (including CEO Lip-Bu Tan) and shareholders.
 
Just out of curiosity:

James (Jim) J. Goetz, was born in 1965 or 1966, making him approximately 59 years old as of March 2025.
Steve Sanghi was born on July 20, 1955, which makes him 69 years old as of today.
Dr. Andrea J. Goldsmith was born in 1964, making her 60 years old as of March 27, 2025.
Alyssa H. Henry is 54 years old as of March 27, 2025.
Eric Meurice is 68 years old as of March 27, 2025.
Barbara G. Novick was born on September 5, 1960, making her 64 years old as of March 27, 2025
Stacy J. Smith's exact date of birth is approximately 62 years old as of March 27, 2025
Dion J. Weisler, former CEO of HP Inc., was born on August 20, 1967, making him 57 years old as of March 27, 2025.
 
Daniel Nenni said:
Frank D. Yeary is currently the independent chair of Intel Corporation's board of directors. He joined the board in March 2009 and was appointed as chair in January 2023. In addition to his role at Intel, Yeary serves on the boards of PayPal Holdings and Mobileye Global Inc. He is also the managing member at Darwin Capital Advisors LLC, a private investment firm.
Click to expand...
This says everything about why he shouldn't be on the board he has been part of Intel's suffering and didn't do anything thing he watched the show.
 
blueone said:
I think Yeary should go too. And for the time being Intel should ditch its tradition of an independent BoD chair. Tan should be BoD chair too, so his is the only agenda driving the company.
Click to expand...

Without hindsight, when Gelsinger came on board as CEO, do you think he should've been chair?
 
Daniel Nenni said:
b6ae7c4b129a631bd2e69300a3028eda

FILE PHOTO: Sign shown at headquarters for Intel Corp in Santa Clara · Reuters

(Reuters) - Three Intel board members will not stand for reelection at its 2025 annual meeting, the chipmaker said in a regulatory filing on Thursday, amid a historic transition under newly appointed CEO Lip-Bu Tan.

Since late last year, the company has been reshuffling its board to make it more chip industry focused as it attempts to reclaim its lost glory under new leadership.

The latest move will shrink the size of the board to 11.

The members retiring include Omar Ishrak, former CEO of medical device maker Medtronic, who had in January 2023 stepped down as Intel's chairperson but stayed on as a director.

Tsu-Jae King Liu, a dean at the College of Engineering at the University of California, Berkeley, and Risa Lavizzo-Mourey, a former professor of population health and health equity at the University of Pennsylvania, are the others leaving the board.

Meanwhile, Intel bolstered its board through the appointments of Eric Meurice, former CEO of chipmaking equipment provider ASML, and Steve Sanghi, interim CEO of Microchip Technology, in December.

The appointments followed the ouster of former CEO Pat Gelsinger.

The changes mark a departure from Intel's previous board structure, which was populated by leaders in academia and finance, as well as former senior executives from the medical, tech and aerospace industries.

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

All other current directors will stand for reelection.

"EQUALLY FOCUSED" ON PRODUCT AND FOUNDRY

CEO Tan said in a letter to shareholders on Thursday that "to enable great products," he was "equally focused" on the company's product business and contract chip manufacturing business - the center of a turnaround strategy championed by former CEO Gelsinger.

Gelsinger's total severance payment stands at about $7.9 million and he has forfeited all his outstanding unvested equity awards, the company said.

Tan, who in August left Intel's board due to disagreements over the company's revival plan, rejoined as a director along with his appointment as CEO.

"We will remain focused on executing this plan to reduce our operating expenses and capital expenditures, simplify our portfolio and eliminate organizational complexity," Tan said, referring to the cost-savings plan introduced last year under Gelsinger, which included a 15% workforce reduction.

Click to expand...

"The changes mark a departure from Intel's previous board structure, which was populated by leaders in academia and finance, as well as former senior executives from the medical, tech and aerospace industries."

I don't see Intel Board members with finance background are leaving.
 
Daniel Nenni said:
Another good sign from Lip-Bu. Who else needs to go?

As of March 27, 2025, Intel Corporation's board of directors comprises the following members:
  • Lip-Bu Tan: Appointed as Intel's Chief Executive Officer and board member in March 2025.
    Press Release Hub

  • James (Jim) J. Goetz: Partner at Sequoia Capital; joined Intel's board in November 2019.
    Intel Corporation

  • Dr. Andrea J. Goldsmith: Dean of Engineering and Applied Science at Princeton University; joined the board in September 2021.
    Intel Corporation

  • Alyssa H. Henry: Former CEO of Square; joined the board in January 2020.
    Intel Corporation

  • Eric Meurice: Former President and CEO of ASML Holding N.V.; joined the board in December 2024.
    Newsroom

  • Barbara G. Novick: Co-founder and former Vice Chairman of BlackRock Inc.; joined the board in December 2022.
    Intel Corporation

  • Stacy J. Smith: Executive Chairman of Kioxia Corp. and Chair of Autodesk Inc.; joined the board in March 2024.
    Intel Corporation

  • Dion J. Weisler: Former President and CEO of HP Inc.; joined the board in June 2020.
    Intel Corporation

  • Steve Sanghi: Chairman and interim CEO of Microchip Technology Inc.; joined the board in December 2024.
    Newsroom

  • Notably, Dr. Omar Ishrak, Dr. Tsu-Jae King Liu, and Dr. Risa Lavizzo-Mourey have announced their retirement from the board and will not stand for reelection.
    Investing.com
Click to expand...
Looking at this board, all of them joined after Nov. 2019, and quite a few joined just in 2024. I would say they were not responsible for Intel's the lost decade of 2010s.

Interestingly, the three retiring board members had been there in 2010s.
 
hist78 said:
"The changes mark a departure from Intel's previous board structure, which was populated by leaders in academia and finance, as well as former senior executives from the medical, tech and aerospace industries."

I don't see Intel Board members with finance background are leaving.
Click to expand...
It is fine to have a board of fairly diverse backgrounds, including having a finance guy.

Btw, what do ypu guys say about apple's board?
 
blueone said:
Take a look at Nvidia's BoD...
Click to expand...

As of March 27, 2025, NVIDIA Corporation's Board of Directors comprises the following members:
 
kevin01 said:
It is fine to have a board of fairly diverse backgrounds, including having a finance guy.

Btw, what do ypu guys say about apple's board?
Click to expand...

Currently, Intel has too many board members with backgrounds in finance. This might be suitable for a venture capital firm, but it’s inappropriate for a semiconductor product and manufacturing company like Intel.
 
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