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

Bloomberg News has learned that on Tuesday, Intel (INTC.US) announced that long-serving Chairman of the Board, Frank Jeri, 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 of Intel, will succeed Jeri as chairman after the company’s annual shareholders meeting in May.

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

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

Jeri has served on the board since 2009 and has been chairman since 2023. He has experienced four CEO changes and has dealt with Intel’s manufacturing decline and the rise of TSMC.

“I think his departure was long overdue,” said Jay Goldberg, an analyst at Seaport Securities. “During Jeri’s tenure on the board, Intel made many poor decisions,” he said. Three former Intel executives described replacing Jeri, an investor and corporate advisor, with an experienced semiconductor industry executive as 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.

In its announcement of Jeri’s departure, the company said, “The board has been consciously updating its personnel, 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, Pat Gelsinger served on Intel’s board alongside Jeri 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 becoming CEO, Pat Gelsinger has undertaken major reforms at Intel. Last year, amid the company’s strategic reshaping to address AI challenges, Intel cut about 20% of its workforce. Gelsinger also pledged to continue operating Intel’s factories and to expand new customers for its next-generation manufacturing technology, 14A.

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.