Intel chairman exits just ahead of next financial report

The chairman of Intel’s board of directors, Omar Ishrak, is stepping down just days before the chipmaker is due to report its Q4 earnings.

Ishrak has led Intel through a difficult period of growing competition and delays to key technologies.

He was responsible, in part, for former Intel CTO and VMware CEO Pat Gelsinger’s return to the company as its chief executive in early 2021.

Ishrak will be replaced by Frank Yeary, who has served on Intel’s board of directors for nearly 14 years.

Yeary’s background is primarily in the financial sector, where he also serves as a managing member of Darwin Capital Advisors and was the co-founder at CamberView Partners.

Yeary is also on the boards of several high-profile tech and financial companies including Mobileye and PayPal Holdings.

Intel committed to cutting $10 billion a year in spending by 2025 after the company’s revenues slid 20 percent year over year at the end of Q3.

Intel has also recently slashed several planned projects, including two valued at nearly $1 billion, and begun laying off workers in California.

Ishrak will retain a position as an independent director and will continue to serve on several committees, according to Intel.

Analysts predict the company will post revenues in the range of $14.51 billion for Q4 2022, representing a 5 percent revenue decline from Q3 and a massive 30 percent decline from the year prior.