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Intel Board of Directors Appoints Frank D. Yeary as New Independent Chair
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
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Tags
management
Rhea-AI Summary
Intel Corporation has appointed Frank D. Yeary as the new independent chair of its board of directors, succeeding Dr. Omar Ishrak, who will remain as an independent director. This leadership change aims to enhance corporate governance and unlock shareholder value. Yeary, a board member since 2009, brings extensive finance and corporate advisory experience. CEO Pat Gelsinger praised Ishrak's contributions in fostering a positive board dynamic while looking forward to Yeary's leadership in executing Intel's strategy.
Positive
Frank D. Yeary appointed as new independent chair, expected to enhance governance and shareholder value.
Yeary's extensive background in finance and corporate advisory will benefit the board.
Negative
Dr. Omar Ishrak's departure from the chair position may raise concerns about continuity in leadership.
Dr. Omar Ishrak steps down as chair, remains on Intel’s board of directors.
SANTA CLARA, Calif.--(BUSINESS WIRE)--
Intel Corporation today announced that Frank D. Yeary has been appointed as the new independent chair of its board of directors. This follows Dr. Omar Ishrak’s decision to step down as chair. Ishrak will remain on Intel’s board as an independent director and continue to serve on the audit and finance committee and corporate governance and nominating committee.
Frank D. Yeary joined Intel’s board of directors in March 2009. (Photo: Business Wire)
“I’m pleased to welcome Frank as chair of Intel’s board. His expertise in unlocking stockholder value, focus on corporate governance and familiarity with Intel are powerful assets to both the board and the company as we execute our strategy,” said Pat Gelsinger, CEO of Intel. “I also want to thank Omar for his tremendous contributions as chair. He 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. I look forward to his continued service as a valued member of the board.”
Yeary said: “I am deeply honored 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.”
Ishrak commented: “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 has served as a director of Intel since 2009. He also is a managing member at Darwin Capital Advisors, a private investment firm. He co-founded CamberView Partners LLC, a corporate advisory firm specializing in investor-led advice for public companies, where he served as executive chairman until 2018. Prior to that, Yeary was vice chancellor of the University of California, Berkeley and earlier 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.
About Intel
Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.
