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A sign is displayed outside Intel’s headquarters in Santa Clara, California, as of August 1, 2024.
In a recent announcement, Intel revealed that three members of its board of directors will not seek reelection during the upcoming annual meeting in May. This information was detailed in a filing made public on Thursday.
The departing directors include Omar Ishrak, the former CEO of Medtronic; Risa Lavizzo-Mourey, a distinguished doctor and philanthropist; and Tsu-Jae King Liu, the dean of the engineering college at the University of California, Berkeley. Their decision to step down marks a significant change in Intel’s governance as the company navigates its complex landscape.
In the same announcement, Intel disclosed that it has nominated 11 current directors to remain on the board, which now includes the newly appointed CEO, Lip-Bu Tan.
This board transition comes in the wake of Tan’s recent appointment to lead the embattled chip maker, a role he assumed earlier this month after the departure of Pat Gelsinger in December. Intel has faced tough challenges, with its share price plummeting nearly 49% over the last year, mainly attributed to worries surrounding its significant investments in new semiconductor manufacturing facilities and its low market share in the burgeoning artificial intelligence chip sector.
Tan is set to make his first public address next week at the Intel Vision event in Las Vegas, where he will speak to an audience of enterprise technology leaders about Intel’s strategic direction. The presentation, entitled “A New Intel,” is anticipated to provide insight into how the company plans to rejuvenate its brand and operations amidst ongoing industry challenges.
In a letter to shareholders, board chair Frank Yeary emphasized the importance of having a diverse mix of “skills, qualifications, and technical expertise” within the board of directors. He mentioned, “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,” highlighting the commitment to a rigorous evaluation of the company’s operations and future strategies.
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