Intel(INTC.US) Personnel Shakeup: 17-Year Veteran Jeri Retires, Chip Industry Veteran Bharat Takes Over as Chairman of the Board

Intel (INTC.US) announced on Tuesday that long-serving Chairman of the Board, Frank J. Yeri, plans to retire. This is the latest personnel change at the once-dominant American chip manufacturer as CEO Pat Gelsinger seeks to reshape the company. Senior chip industry executive Craig Barratt, a current board member, will succeed Yeri as chairman after the company’s annual shareholders meeting in May.

One year after taking on the role of CEO, Yeri’s departure marks a significant adjustment for the board of this California-based company. Last year, just weeks after Pat Gelsinger took the helm, three board members announced their retirements. Since becoming CEO, Gelsinger has implemented a turnaround plan, refocused on manufacturing, and reduced company complexity by cutting middle management.

Intel has historically dominated the U.S. chip manufacturing industry for decades but began to falter around 2010 when it failed to develop a popular mobile chip and lagged behind competitors like TSMC (TSM.US). Yeri praised the company’s progress in revitalizing manufacturing technology in a statement, noting that he and the board selected Gelsinger last year.

Yeri has served on the board since 2009 and has been chairman since 2023. He has experienced four CEO changes and has faced the decline of Intel’s manufacturing sector and the rise of TSMC. “I think his departure was long overdue,” said Jay Goldberg, an analyst at Seaport Securities. “During Yeri’s tenure on the board, Intel made many poor decisions,” he added. Three former Intel executives said replacing the investor and corporate advisor Yeri with an experienced semiconductor industry executive was a welcome move.

Intel stated that its board—comprising managers from fields such as medical devices and aerospace, in addition to financiers—has been seeking self-reinvention over the years.

In its announcement of Yeri’s departure, the company said, “The board has been intentionally updating its membership, adding directors with relevant skills and backgrounds to match the opportunities and challenges ahead, and to support Intel’s evolving strategy and long-term shareholder interests.”

Before becoming CEO, Gelsinger served on the Intel board alongside Yeri but left due to disagreements over the company’s turnaround plan.

The incoming chairman, Barratt, joined Intel’s board in 2025 and has experience at Qualcomm (QCOM.US) and a brief stint at Intel. Barratt is not related to former Intel CEO Craig Barrett.

Analyst Goldberg said, “The biggest challenge Pat Gelsinger faces is changing Intel’s culture, and the board’s professionalism will be very helpful in this,” referring to Barratt’s appointment as chairman.

Since being appointed CEO, Gelsinger has undertaken major reforms at Intel. Last year, amid his efforts to reshape the company’s strategy to address AI challenges, Intel cut about 20% of its workforce. Gelsinger also pledged to continue operating Intel’s factories and to expand its next-generation manufacturing technology, 14A, to new customers.

Last summer, Gelsinger drew the attention of U.S. President Donald Trump, who initially demanded his resignation over conflicts of interest. Subsequently, Gelsinger successfully gained the support of the U.S. government, which ultimately negotiated to obtain a 10% stake in the company instead of the original funding provided under the Chips and Science Act.