Intel announces three board members will retire following CEO shake-up

Three members of Intel’s board of directors will not stand for reelection in May, the company said in a filing on Thursday.

Omar Ishrak, former CEO of Medtronic; Risa Lavizzo-Mourey, a doctor and philanthropist; and Tsu-Jae King Liu, the dean of the college of engineering at the University of California, Berkeley, will retire from the board at Intel’s annual meeting in May.

Intel has nominated 11 directors, who all currently serve on the board, including new CEO Lip-Bu Tan.

The shake-up comes after Intel named Tan to lead the struggling chipmaker earlier this month, replacing Pat Gelsinger, who left the company in December. Intel shares are down nearly 49% over the past year, driven by concerns about the company’s spending on new chip factories and its minuscule market share in chips for artificial intelligence.

Tan will speak publicly next week at the company’s Intel Vision event in Las Vegas. He is expected to address a ballroom of enterprise technology executives about the future of Intel. The talk is titled “A New Intel.”

Intel is committed to having the right mix of “skills, qualifications, and technical expertise” on its board of directors, board chair Frank Yeary wrote in a letter to shareholders.

“With Lip-Bu now on board, we are continuing to undertake an honest assessment of the business to build on Intel’s many strengths in ways that will improve our profitability and drive incremental returns on incremental investments,” Yeary wrote.

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