Three Intel board members will retire with a focus on reorganization in the chip industry
(Reuters) – Three Intel (INTC) board members will not be re-elected at its 2025 annual meeting, the chipmaker said in a regulatory filing Thursday.
The company has been renovating its board since the second half of last year to make it more focused on the chip industry as it tries to restore lost glory under its new leadership.
The latest move will reduce the board size to 11.
As of 12:02:53 PM EDT. The market is open.
Retired members include Omar Ishrak, former CEO of medical device manufacturer Medtronic (MDT), who served as Intel chairman in January 2023 but served as director.
Tsu-Jae King Liu, dean of the UC Berkeley School of Engineering, and Risa Lavizzo-Mourey, professor of population health and health equity at the University of Pennsylvania, were the others leaving the board.
Meanwhile, Intel has appointed Eric Meurice (MCHP) through the appointments of former CEO Eric Meurice, a Chipmaking device provider ASML (ASML), and Steve Sanghi, interim CEO of Microchip Technology (MCHP).
The appointment was removed from former CEO Pat Gelsinger.
Change marks Intel’s previous board structure, which is dominated by leaders in academia and finance, as well as former senior executives in the healthcare, technology and aerospace industries.
“We are committed to having the right skills, qualifications and technical expertise on the board,” Chairman Frank Yeary said in a document Thursday.
All other current directors will be re-election on behalf of the representative.
In a letter to shareholders on Thursday, CEO Tan said he “is equally focused” on the company’s product business and contract chip manufacturing business, the center of a turnaround strategy advocated by former CEO Gelsinger.
The company said Gelsinger’s total severance payments amounted to about $7.9 million, and he confiscated all outstanding uninvested equity awards.
Tan left Intel’s board of directors in August and rejoined the director with the appointment of CEO due to differences over the company’s revival plan.
“We will continue to focus on executing the program to reduce our operating and capital expenditures, simplify our portfolio and eliminate organizational complexity,” Tan said.
(Report by Arsheeya Bajwa in Bangalore; Editor of Sriraj Kalluvila)
