Former Intel CFO Bryant to Become Chairman Next Month
Intel's former chief financial officer and current director Andy Bryant will take over as the company's board chairman next month after the retirement of current chairman Jane Shaw, according to a document filed with the U.S. Securities and Exchange Commission on Wednesday.
Bryant has already been approved by the company's board of directors, and his appointment as chairman is now subject to shareholder approval. The move was largely expected because Bryant was being groomed to be the company's next chairman as Shaw's retirement date approached.
Bryant was appointed vice chairman of the Intel's board in July last year. Bryant worked at Intel for decades and most recently served as chief administrative officer, where he monitored the company's IT spending, manufacturing and finances. He held the post until January this year.
"The Board determined that it and the company can benefit through Mr. Bryant's extensive experience with Intel that includes 13 years of service as our CFO, and more recently as the senior executive responsible for the Technology and Manufacturing Group, Information Technology, Human Resources, and Finance," Intel said in proxy statement.
Shaw was an independent director and became the chairman of the board in May 2009. Prominent IT industry executives have held the post of Intel's chairman in the past, including former CEO Craig Barrett from 2005 until 2009 and former CEO Andy Grove from 1997 until 2005. With Shaw's retirement, the size of Intel's board will shrink to 10 directors.
Intel's annual shareholder meeting will be held in Santa Clara, California, on May 17.