Intel’s board of directors is getting a new independent chair effective May 13, after the company’s Annual Stockholders’ Meeting, the company announced earlier this week. Dr. Craig H. Barratt, a semiconductor engineer by training — not to be confused with former CEO Craig R. Barrett — will assume the role, succeeding finance veteran Frank D. Yeary, who has served on the board since 2009, and as chair since 2023.

Intel made the announcement on March 3, clarifying that Yeary will not stand for reelection in May. It's the most consequential governance change at Intel since the board’s forced exit of former CEO Pat Gelsinger in late 2024. It also consolidates authority around Barratt, who will lead the board’s focus on scaling U.S. R&D and manufacturing, and CEO Lip-Bu Tan, who has publicly supported Intel Foundry since taking the role.