Intel Corp named Craig H. Barratt as its next chairman, putting a tech veteran in the role at a time when the company is trying to reassert its chipmaking prowess.
Barratt, who already serves on the board, will replace Frank Yeary in the chairman job after the annual meeting on May 13, Intel said in a statement on Tuesday. Yeary, who joined the board in 2009 and led it since 2023, is a former investment banker.
Barratt previously ran Atheros Communications Inc, which was acquired by Qualcomm Inc, and held key roles at Alphabet Inc’s Google. He also served as chief executive officer of start-up Barefoot Networks Inc, which was bought by Intel in 2019. The executive, who has a strikingly similar name to former Intel CEO and chairman Craig Barrett, joined the board last year.
Photo: Getty Images via AFP
Barratt, a Stanford University-educated Australian, takes over the board at a precarious moment. The company has suffered years of sluggish sales and shrinking market share, but chief executive officer Lip-Bu Tan (陳立武) is trying to restore the company to its former glory.
Tan, an Intel board veteran himself, is a year into his turnaround bid as CEO. Though he’s had success attracting investments from the US government, Nvidia Corp and others, he still needs to show that Intel can field a competitive product line and attract outside customers to its factory network.
“Craig brings deep semiconductor expertise and a strong record of technology and operational leadership in complex, engineering-driven businesses,” Tan said in the statement. “As we enter our next phase — focused on disciplined execution, product leadership and foundry progress — his experience will be instrumental in supporting management and driving sustainable long-term value for stockholders.”
Tan has already made a series of changes to Intel’s leadership, bringing in outside executives to crucial roles. Yeary and the board said Tan’s contacts in the industry were part of the reason for choosing him to replace his ousted predecessor, Pat Gelsinger.
Yeary’s time on the board coincided with the Santa Clara, California-based company’s decline from the peak of its powers — just over a decade ago — to its current underdog status. He has presided over four CEO transitions and has dealt with the decline of Intel’s manufacturing and the rise of Taiwan Semiconductor Manufacturing Co (台積電).
“I think his departure was long overdue,” Seaport Securities Corp analyst Jay Goldberg said. “Intel has made a lot of bad decisions” while Yeary has been on the board, he said.
“Lip-Bu’s biggest challenge is changing Intel’s culture and professionalizing the board will help that a lot,” Goldberg said, referring to Barratt’s appointment as chair.
Since his appointment as CEO, Tan has made big changes to Intel. Last year, Intel cut roughly 20 percent of its workforce as Tan reshaped the company’s strategy to tackle artificial intelligence. Tan has also vowed to continue to operate Intel’s factories and pursue new customers for its next-generation manufacturing tech called 14A.
The company’s struggles have even spurred speculation that it might be split up, an idea Tan has pushed back on.
In the statement, Tan credited Yeary with giving him the mandate to make needed changes at the company.
“His leadership helped guide Intel through a period of transformation and onto firmer footing for the next phase,” Tan said.
Additional reporting by Reuters
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