Three Intel (INTC.O) board members will not stand for reelection at its 2025 annual meeting, the chipmaker said in a regulatory filing on Thursday, amid a historic transition under newly appointed CEO Lip-Bu Tan.
Since late last year, the company has been reshuffling its board to make it more chip industry focused as it attempts to reclaim its lost glory under new leadership.
The latest move will shrink the size of the board to 11.
The members retiring include Omar Ishrak, former CEO of medical device maker Medtronic (MDT.N), who had in January 2023 stepped down as Intel's chairperson but stayed on as a director.
Tsu-Jae King Liu, a dean at the College of Engineering at the University of California, Berkeley, and Risa Lavizzo-Mourey, a former professor of population health and health equity at the University of Pennsylvania, are the others leaving the board.
Meanwhile, Intel bolstered its board through the appointments of Eric Meurice, former CEO of chipmaking equipment provider ASML (ASML.AS), and Steve Sanghi, interim CEO of Microchip Technology (MCHP.O), in December.
The appointments followed the ouster of former CEO Pat Gelsinger.
The changes mark a departure from Intel's previous board structure, which was populated by leaders in academia and finance, as well as former senior executives from the medical, tech and aerospace industries.
"We are committed to having the right mix of skills, qualifications and technical expertise on the Board," Chairperson Frank Yeary said in the filing on Thursday.
All other current directors will stand for reelection.
"EQUALLY FOCUSED" ON PRODUCT AND FOUNDRY
CEO Tan said in a letter to shareholders on Thursday that "to enable great products," he was "equally focused" on the company's product business and contract chip manufacturing business - the center of a turnaround strategy championed by former CEO Gelsinger.
Gelsinger's total severance payment stands at about $7.9 million and he has forfeited all his outstanding unvested equity awards, the company said.
Tan, who in August left Intel's board due to disagreements over the company's revival plan, rejoined as a director along with his appointment as CEO.
"We will remain focused on executing this plan to reduce our operating expenses and capital expenditures, simplify our portfolio and eliminate organizational complexity," Tan said, referring to the cost-savings plan introduced last year under Gelsinger, which included a 15% workforce reduction.
