Intel Board Shake-Up Continues As Three Directors Exit Amid Leadership Overhaul Under CEO Lip-Bu Tan

Intel Corporation INTC is undergoing another wave of leadership changes as three board members prepare to step down, signaling a continued shift in strategy under newly appointed CEO Lip-Bu Tan.

What Happened: According to a regulatory filing on Thursday, Intel announced that Omar Ishrak, Tsu-Jae King Liu, and Risa Lavizzo-Mourey will not stand for reelection at the company's 2025 annual meeting.

Ishrak was the former Medtronic CEO who stepped down as Intel's chair in 2023 but remained a director. Liu is an engineering dean at the University of California, Berkeley, and Lavizzo-Mourey was a professor at the University of Pennsylvania.

"We are committed to having the right mix of skills, qualifications and technical expertise on the Board," Intel chairperson Frank Yeary said in the filing.

In December, the board added Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology.

Why It Matters: The board reduction from 14 to 11 members comes as Tan, who officially took over as CEO earlier this year, works to reshape Intel's executive leadership with a sharper focus on chip manufacturing and product execution.

Tan replaced Pat Gelsinger, who championed a massive turnaround plan focused on foundry expansion and innovation. Intel reportedly said that Gelsinger received a $7.9 million severance and forfeited all unvested equity.

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Earlier, former Intel CEO Craig Barrett also weighed in on the company’s direction, criticizing calls to split Intel’s business. He also criticized Intel’s leadership, holding the board responsible for the company’s decline over the past decade, and called out Gelsinger's exit.

“A far better move might be to fire the Intel board and rehire Pat Gelsinger to finish the job he has aptly handled over the past few years.”

Meanwhile, Tan has reportedly been prioritizing the company’s design and foundry capabilities, with potential commitments from major clients like Nvidia Corp. NVDA and Broadcom Inc AVGO.

Price Action: Intel’s shares closed at $23.62 on Thursday, marking a 0.85% increase. However, in pre-market trading on Friday, the stock fell by 0.38%. Year to date, Intel has gained 16.82%, according to Benzinga Pro data.

Benzinga’s Edge Rankings assign Intel (INTC) a 3.11% growth rating. Curious how it stacks up against other companies? Click here for the full breakdown.

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