Intel Chairman Craig Barrett has announced his retirement from the company. Barrett will leave Intel in May, ending a 35-year career with the top-rated chipmaker. While much of Barrett's tenure has been positive, his departure comes as the company struggles to surmount slumping sales and increased competition.
The Changing Face of Intel
Barrett started with Intel back in 1974. He served as CEO from 1998 to 2005 and has held a variety of other positions over the years. Barrett's final couple of months, though, may have been some of his most challenging.
Just days ago, Intel announced its fourth quarter profit had dropped more than 90 percent from the previous year. The company also revealed it would shut down five factories, leading to the elimination of as many as 6,000 jobs. Some analysts are now predicting Intel could soon see its first quarterly loss in more than two decades.
Intel promised on Monday to cut its processor prices considerably, with some models dropping as much as 40 percent.
Barrett's Replacement: Jane Shaw
With Barrett out in May, Intel's board has named current director and board member Jane Shaw as its new leader. Shaw will become non-executive chairman in May.
Shaw has been with Intel since 1993. She currently serves as chairman of the board's audit committee. Shaw previously served as chairman of the board and CEO of a pharmaceutical company called Aerogen and still holds the title of director with drug distributor McKesson Corporation.
Shaw received $95,000 plus stock awards of $140,200 for her work with Intel in 2007, Business Weekly reports . Barrett, in contrast, received a salary of $358,300 the same year, with total compensation coming out to $6.3 million.