Intel Corporation announced that its board chair, Frank D. Yeary, will retire from the company’s board following its annual shareholder meeting scheduled for May 13, 2026. The company’s board of directors has elected Dr. Craig H. Barratt to succeed him as independent chair once the meeting concludes.
Yeary has served on Intel’s board since 2009 and became chair in January 2023. His retirement will end a 17-year tenure overseeing the governance of one of the world’s largest semiconductor companies. Intel confirmed that Yeary will not stand for reelection at the upcoming annual meeting.
Barratt joined Intel’s board as an independent director in November 2025. He has decades of experience in the semiconductor and networking line. He previously held senior leadership roles at Cisco Systems, including serving as president of the company’s Mobility and Wireless Group. He also spent several years in executive positions at Intel earlier in his career.
The transition comes at a time when Intel continues to adjust its strategy and leadership structure amid intensifying global competition in the semiconductor sector.
“On behalf of the board and the entire company, I want to thank Frank for his commitment to Intel and his strong leadership as chair during one of the most consequential periods in Intel’s history,” said Lip-Bu Tan, CEO, Intel. “Frank led the effort to bring me in as the company’s CEO, encouraged disciplined board oversight, and reinforced strong board governance. With his and the board’s support, I have been empowered to take decisive actions to strengthen our financial foundation, advance our process roadmap and position the company for long-term competitiveness. His leadership helped guide Intel through a period of transformation and onto firmer footing for the next phase.”
“Reinventing Intel is a disciplined, multi-year effort to restore execution excellence, strengthen the financial foundation and reestablish the innovation engine that has long defined this company. I’m grateful to have been part of the board’s work, particularly over the last 18 months, which has marked a critical step on that journey,” said Yeary.
“The company has taken significant steps to strengthen its financial position, advance its technology and product roadmap, and enhance operational discipline,” said Barratt. “The board thanks Frank for his leadership and for helping position Intel for this next phase. I’m honoured to lead the board’s continued focus on supporting rigorous execution, investing in and scaling U.S.-anchored R&D and manufacturing, and ensuring Intel is well positioned to compete and win in the years ahead.”
Intel, headquartered in Santa Clara, California, remains one of the largest semiconductor manufacturers globally. The company continues to invest heavily in fabrication facilities and next-generation chip technologies.
The company did not indicate any immediate additional changes to board leadership beyond Yeary’s planned retirement and Barratt’s appointment as chair following the annual shareholder meeting.
