Chairman of Intel Corp., Omar Ishrak, has stepped down, and board director, Frank Yeary, has been appointed as his replacement.
“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 on Monday.
“While the company certainly has big tasks ahead of it, I’m confident we have the right strategy in place,” Yeary said, as he took up the mantle of leadership
“Frank D. Yeary joined Intel Corporation’s board of directors in March 2009 and was named chair of the board in January 2023. Yeary is an independent director.
He is the managing member at Darwin Capital Advisors LLC, a private investment firm, and was executive chairman of CamberView Partners LLC, a corporate advisory firm specializing in investor-led advice for public companies, until 2018.
Prior to this time, Yeary was vice chancellor of the University of California, Berkeley and before that spent 25 years in the finance industry, including as global head of Mergers and Acquisitions and as a member of the Management Committee at Citigroup Investment Banking.
“Yeary also serves on the board of directors of Mobileye, PayPal Holdings, and a number of private companies,” his bio on the company’s website read.
Ishrak, was CEO of medical device maker, Medtronic for almost nine years, before he became Intel’s chairman in 2020. He would remain an independent director at Intel, however.
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