Intel announced this afternoon that Chairman Craig Barrett plans to retire this May.
Craig Barrett, who joined Intel back in 1974, will supposedly step down from active management during the company's annual stockholders meeting held in May. Barrett has performed many jobs over the last 35 years, serving as CEO from 1998 through 2005, and as an active participant in Intel's World Ahead Program. Barrett is also the current chair of the U.N. Global Alliance for Information and Communications Technology and Development. However, come May, Barrett will step down as chairman and member of the board of directors.
"Intel became the world's largest and most successful semiconductor company in 1992 and has maintained that position ever since," said Barrett. "I'm extremely proud to have helped achieve that accomplishment and to have the honor of working with tens of thousands of Intel employees who every day put their talents to use to make Intel one of the premier technology companies in the world. I have every confidence that Intel will continue this leadership under the direction of Paul Otellini and his management team."
Barrett's retirement may appear as an added blow to the company after the recent announcement of its restructuring plans this past Wednesday. Intel reported that said plans included the termination of five older factories, affecting between 5,000 and 6,000 workers worldwide although some would be offered jobs at other facilities. The company said restructuring would begin immediately and continue until the end of 2009. The affected facilities include two assembly test facilities in Penang, Malaysia and one in Cavite, Philippines. Production will halt at Fab 20 located in Hillsboro, Oregon; wafer production operations will cease at the D2 facility in Santa Clara, California.
Earlier today, Intel's board of directors declared a 14 cents per share quarterly dividend on the company's common stock. The dividend will be payable on March 1, 2009 to stockholders of record on February 7, 2009. The company also announced that the board of directors elected independent director Jane Shaw to replace Barrett as non-executive chairman beginning in May.
However current Intel president and CEO Paul Otellini praised Barrett's long tenure. "I want to thank Craig for his 35 years of tireless efforts on behalf of Intel," said Otellini. "His legacy spans the creation of the best semiconductor manufacturing machine in the world, leading Intel for seven years as we emerged into a global powerhouse, and most recently as our industry's senior statesman and ambassador who has advocated the benefits of education and technology as forces for positive change. He has been my colleague, supervisor, mentor and friend for these 35 years. I wish him the very best as he moves on to the next chapter in his life."
Barrett said that he was extremely fortunate to have worked side by side with industry legends Bob Noyce, Gordon Moore and Andy Grove.