Intel has revealed its Chairman Omar Ishrak has stepped down and the chipmaker appointed board director Frank Yeary as his replacement.
“Omar 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 CEO Pat Gelsinger said.

Pat Gelsinger returned to Intel in 2021 as chief executive officer from VMware to drive change at the company.

As a result, the U.S. chipmaker has been ramping up investments to make chip factories across the United States and Europe.

Frank Yeary, an Intel director since 2009, also serves on the board of PayPal Holdings, Intel’s Mobileye, and a number of private companies.

Omar Ishrak, who was CEO of medical device maker Medtronic for nearly nine years, became Intel’s chairman in 2020. He will continue as an independent director on Intel’s board.