Intel Names New Chairman -- Update

Date : 01/21/2020 @ 11:19PM
Source : Dow Jones News
Stock : Intel Corporation (INTC)
Quote : 64.34  -1.11 (-1.70%) @ 5:00AM
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Intel Names New Chairman -- Update

Intel (NASDAQ:INTC)
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By Allison Prang and Josh Beckerman 

Intel Corp. has named Omar Ishrak as its new independent chairman effective immediately, replacing Andy Bryant who stepped down from his role at a board meeting earlier this month.

Mr. Bryant told the board last March he wouldn't run for re-election in 2020. Mr. Bryant, who started as board chairman in May 2012, will leave the board in May, he said in prepared remarks.

"Andy has been a rudder for Intel during a time of change and transformation," Intel Chief Executive Bob Swan said in prepared remarks.

Last year, Intel's board extended Mr. Bryant's time as chairman for an extra year citing his experience and the need for "leadership continuity" given that Mr. Swan started as CEO in January 2019 after serving as interim CEO following Brian Krzanich's departure. Board chairmen typically serve a maximum of two, three-year terms in the role.

Mr. Ishrak, the chief executive of Medtronic PLC, joined Intel's board in March 2017.

The company also said the board named Square Inc. seller lead Alyssa Henry as an independent director.

Write to Allison Prang at allison.prang@wsj.com and Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

January 21, 2020 18:04 ET (23:04 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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