Intel Corporation today announced that Frank D. Yeary has been appointed as the new independent chair of its board of directors. This follows Dr. Omar Ishrak's decision to step down as chair. Ishrak will remain on Intel's board as an independent director and continue to serve on the audit and finance committee and corporate governance and nominating committee.

"I'm pleased to welcome Frank as chair of Intel's board. His expertise in unlocking stockholder value, focus on corporate governance and familiarity with Intel are powerful assets to both the board and the company as we execute our strategy," said Pat Gelsinger, CEO of Intel. "I also want to thank Omar for his tremendous contributions as chair. He 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. I look forward to his continued service as a valued member of the board."