Intel’s Barrett to Pass Chairman Role to Shaw in May
Intel Corp., the world's biggest chipmaker, named Jane Shaw to succeed Craig Barrett as chairman, breaking with tradition by appointing someone from outside the executive ranks, Bloomberg reported.
Barrett, a 6-foot-3 engineer who is best known for overhauling and standardizing Intel's manufacturing plants as chief executive officer, will leave after the annual shareholder meeting in May, the Santa Clara, California-based company said today. Shaw has served on the board since 1993.
In the past two successions, Intel has given the chairman role to a former or current CEO. Barrett, 69, became chairman in May 2005 after passing the CEO role to Paul Otellini. The appointment of an outsider reflects a broader shift to making boards more independent.
"It's good to have a separate CEO and chairman," said Brian Piccioni, an analyst with BMO Capital Markets in Toronto. He advises investors to buy Intel's shares, which he doesn't own personally. "There should be some level of tension between the two roles."
Barrett was the first person to lead Intel other than its original founders, Robert Noyce, Gordon Moore and Andy Grove. His wife, Barbara, was second in command at the Federal Aviation Administration under President Ronald Reagan. They own a ranch in Montana.