Intel Corp. has announced that three of its board members will retire and not seek reelection at the company’s 2025 annual meeting. This move is part of a larger reshuffling strategy under the leadership of newly appointed CEO Lip-Bu Tan, who took over after the departure of Pat Gelsinger. The company has been restructuring its board to focus more on expertise within the chip industry as it seeks to regain its competitive edge in the market. With the retirements, Intel will reduce its board size to 11 members.
Among the board members retiring are Omar Ishrak, former CEO of Medtronic, who stepped down as Intel’s chairperson in 2023, Tsu-Jae King Liu, a dean at UC Berkeley’s College of Engineering, and Risa Lavizzo-Mourey, a former professor at the University of Pennsylvania. Intel has simultaneously strengthened its board by adding Eric Meurice, the former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology. These appointments reflect a shift toward a more tech-focused board, moving away from Intel’s previous mix of members with backgrounds in academia, finance, and various industries.
This board shakeup comes as part of a broader strategy to realign Intel’s operations under CEO Tan, who has expressed a commitment to balancing both the product and foundry businesses. His focus on the company’s turnaround plan includes efforts to streamline operations, cut costs, and reduce complexity. The company has already implemented a cost-savings plan, including a 15% workforce reduction, which was introduced under Gelsinger’s leadership. Tan’s new approach is aimed at driving profitability and returning Intel to its former industry dominance.
Intel’s leadership changes have been significant, with a focus on creating a board with deep technical expertise to guide the company through its recovery. As Intel works to rebuild its reputation in the chip industry, the company’s executives remain focused on executing a comprehensive strategy to reduce expenses, simplify its portfolio, and bolster its competitive standing. Despite the ongoing leadership transitions, Intel’s commitment to regaining its position in the market remains strong, with an emphasis on operational efficiency and innovation.
Source: reuters