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Intel Chairman Omar Ishrak Resigns

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Intel Corp said on Monday that Chairman Omar Ishrak had stepped down, and the company appointed director of the board Frank Yeary as his replacement.

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"He (Ishrak) was instrumental in bringing me back to the company as CEO and has fostered a high-impact working dynamic across the board and management team," Intel chief Pat Gelsinger said.

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Gelsinger was hired back by Intel in 2021 as the chief executive officer following his departure from VMware to lead transformation at the company. 

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Which is in the process of restructuring its business to catch up with competitors.

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In the aftermath, as a result, the U.S. chipmaker has been increasing its investments to build chip factories in both the United States and Europe.

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"While the company certainly has big tasks ahead of it, I'm confident we have the right strategy in place," Yeary said.

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