(Reuters) – Three Intel (INTC) board members won’t stand for reelection at its 2025 annual assembly, the chipmaker stated in a regulatory submitting on Thursday, amid a historic transition beneath newly appointed CEO Lip-Bu Tan.
Since late final 12 months, the corporate has been reshuffling its board to make it extra chip {industry} centered because it makes an attempt to reclaim its misplaced glory beneath new management.
The most recent transfer will shrink the dimensions of the board to 11.
As of 11:46:24 AM EDT. Market Open.
The members retiring embrace Omar Ishrak, former CEO of medical machine maker Medtronic (MDT), who had in January 2023 stepped down as Intel’s chairperson however stayed on as a director.
Tsu-Jae King Liu, a dean on the Faculty of Engineering on the College of California, Berkeley, and Risa Lavizzo-Mourey, a former professor of inhabitants well being and well being fairness on the College of Pennsylvania, are the others leaving the board.
In the meantime, Intel bolstered its board by means of the appointments of Eric Meurice, former CEO of chipmaking gear supplier ASML (ASML), and Steve Sanghi, interim CEO of Microchip Know-how (MCHP), in December.
The appointments adopted the ouster of former CEO Pat Gelsinger.
The modifications mark a departure from Intel’s earlier board construction, which was populated by leaders in academia and finance, in addition to former senior executives from the medical, tech and aerospace industries.
“We’re dedicated to having the right combination of abilities, {qualifications} and technical experience on the Board,” Chairperson Frank Yeary stated within the submitting on Thursday.
All different present administrators will stand for reelection.
CEO Tan stated in a letter to shareholders on Thursday that “to allow nice merchandise,” he was “equally centered” on the corporate’s product enterprise and contract chip manufacturing enterprise – the middle of a turnaround technique championed by former CEO Gelsinger.
Gelsinger’s whole severance fee stands at about $7.9 million and he has forfeited all his excellent unvested fairness awards, the corporate stated.
Tan, who in August left Intel’s board resulting from disagreements over the corporate’s revival plan, rejoined as a director alongside together with his appointment as CEO.
“We are going to stay centered on executing this plan to scale back our working bills and capital expenditures, simplify our portfolio and get rid of organizational complexity,” Tan stated, referring to the cost-savings plan launched final 12 months beneath Gelsinger, which included a 15% workforce discount.
(Reporting by Arsheeya Bajwa in Bengaluru; Enhancing by Sriraj Kalluvila)
