Ishrak joined the board of directors for Intel in 2009 and became the company’s chairman in 2020.
Intel Corporation announced that Dr Omar Ishrak had stepped down as chairman of its board of directors and would be replaced by Frank D. Yeary.
The company said that Ishrak would remain on Intel’s board as an independent director. He’d continue to serve on the audit and finance committee, and corporate governance and nominating committee. CEO of medical device maker Medtronic for nearly nine years, Ishrak became Intel’s chairman in 2020.
“He (Ishrak) was instrumental in bringing me back to the company as CEO and has fostered a high-impact working dynamic across the board and management team,” Intel chief Pat Gelsinger said. Gelsinger returned to Intel in 2021 as CEO from VMware to lead the restructuring of the business at Intel to catch up with the competition.
Commenting on the change in roles, Ishrak said, “It has been a privilege to serve as chair of Intel’s board of directors and help lay the foundation for the company’s transformation. I look forward to continuing on Intel’s board while lending my full support to Frank in his new role.”
Yeary joined Intel’s board of directors in March 2009. Working as a managing member at Darwin Capital Advisors, a private investment firm, he co-founded CamberView Partners LLC, a corporate advisory firm specialising in investor-led advice for public companies, where he served as executive chairman until 2018. Yeary also serves on the board of directors of Mobileye, PayPal Holdings and a number of private companies.
Yeary expressed his delight in taking up the new position and said, “I am deeply honoured to take on this expanded role during such a pivotal time for Intel. While the company certainly has big tasks ahead of it, I’m confident we have the right strategy in place. It’s imperative that we execute well and simultaneously deliver value to our stockholders.”
As a part of restructuring its businesses, Intel has been ramping up investments to make chip factories across the United States and Europe.