Three Intel board members are retiring to streamline operations and focus more on the chip industry

From Yahoo Finance: 2025-03-27 10:51:00

Intel announced that three board members will not seek reelection at the 2025 annual meeting, as the company undergoes a transformation under CEO Lip-Bu Tan. The board reshuffle aims to focus more on the chip industry and reduce the board size to 11 members.

Retiring board members include Omar Ishrak, Tsu-Jae King Liu, and Risa Lavizzo-Mourey. Intel has appointed Eric Meurice and Steve Sanghi to its board following the departure of former CEO Pat Gelsinger. The changes signal a shift from Intel’s previous board structure.

CEO Tan emphasized a focus on both product and foundry businesses to enable great products. Former CEO Gelsinger’s total severance payment is about $7.9 million, with forfeited unvested equity awards. Tan rejoining as CEO after leaving the board in August due to disagreements over the company’s revival plan.

Tan highlighted the company’s commitment to executing cost-saving plans introduced under Gelsinger, including a 15% workforce reduction. The focus remains on reducing operating expenses, simplifying the portfolio, and eliminating organizational complexity. The changes reflect Intel’s strategic approach to reclaim its position in the industry.

Read more: Three Intel board members to retire in latest shakeup amid turnaround