Intel announces three board members will retire following CEO shakeup

Core Insights - Intel's board of directors will see three members retire in May, including Omar Ishrak, Risa Lavizzo-Mourey, and Tsu-Jae King Liu [1] - The company has nominated 11 current directors for reelection, including new CEO Lip-Bu Tan, following the replacement of Pat Gelsinger [2] - Intel's stock has decreased nearly 49% over the past year due to concerns over spending on new chip factories and a small market share in AI chips [2] Board Changes - Three board members will not seek reelection at Intel's annual meeting in May [1] - The board has nominated 11 directors for reelection, maintaining continuity while introducing new leadership with CEO Lip-Bu Tan [2] Leadership Transition - Lip-Bu Tan has been appointed as the new CEO, taking over from Pat Gelsinger, who left in December [2] - Tan is expected to address the future direction of Intel at the upcoming Intel Vision event in Las Vegas [3] Strategic Focus - The board chair, Frank Yeary, emphasized the importance of having the right mix of skills and expertise on the board to enhance profitability and returns on investments [3][4] - The company is undertaking a thorough assessment of its business to leverage its strengths for improved financial performance [4]