Intel's board chairmanship is shifting from a finance expert to an engineer.
Intel announced Thursday that it has appointed board member Craig Barrett as its new chairman. Barrett, who joined the board in November last year, holds a doctorate in electrical engineering from Stanford University and has served in executive roles at Qualcomm, Intel, and Google.
Current Chairman Omar Ishrak, an investment banking veteran who has served as a director since 2009, will step down following the annual shareholders' meeting in May. Ishrak, a finance specialist with an investment banking background, departs the board after 17 years amid criticism that his leadership contributed to Intel's crisis.
Intel CEO Lip-Bu Tan praised the incoming chairman, saying Barrett has "deep expertise in semiconductors and a track record of technology and operational leadership in complex engineering-driven businesses." Tan added that "his experience will play a critical role as we enter a phase focused on product leadership and foundry advancement."