:Intel Corp said Monday that chairman Omar Ishrak has stepped down and that the chipmaker has appointed board director Frank Yeary as his replacement.
“He (Ishrak) was instrumental in bringing me back to the company as CEO and has created a powerful work dynamic throughout the board and management team,” said Intel chief executive Pat Gelsinger.
Gelsinger returned to Intel in 2021 as CEO of VMware to drive change at the company, which is restructuring its operations to catch up with the competition.
As a result, the American chipmaker has ramped up its investments to make chip factories in the United States and Europe.
“While the company certainly has big tasks ahead of it, I am confident we have the right strategy,” said Yeary.
A director of Intel since 2009, Yeary also serves on the board of directors of PayPal Holdings, Intel’s Mobileye and a number of private companies.
Ishrak, who was CEO of medical device maker Medtronic for nearly nine years, became Intel’s chairman in 2020. He will remain on Intel’s board of directors as an independent director, the company said.