• Intel announced that Chairman Omar Ishrak had resigned.
• Board director Frank Yeary had been named in his place.
• The chipmaker has increased investments to build chip plants across Europe and the US.

Intel Corp (INTC.O) announced on Monday that Chairman Omar Ishrak had resigned and that board director Frank Yeary had been named in his place.

“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.

In 2021, Gelsinger rejoined Intel as CEO after leaving VMware (VMW.N) to spearhead reform at the organisation, which is reorganising its operations to keep up with the competition.

As a result, the American chipmaker has increased investments to build chip plants across Europe and the United States.

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

Yeary, an Intel director since 2009, also sits on the boards of several private businesses as well as PayPal Holdings (PYPL.O), Mobileye (MBLY.O), a division of Intel.

Ishrak, who spent nearly nine years as the CEO of the developer of medical devices Medtronic (MDT.N), was appointed chairman of Intel in 2020. According to Intel, he will continue to serve as an independent director on the board.

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