Intel Chairman: "There are no quick fixes"
Chairman Frank Yeary’s candid letter sets the tone for Intel’s new CEO and a long-term turnaround strategy.
Intel’s chairman of the board issued a rare and sober letter in the Intel 2025 Proxy Statement ahead of the company’s annual shareholder meeting on Tuesday, warning that “there are no quick fixes” for the once-dominant chipmaker as it attempts to reverse years of strategic missteps and declining market position.
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Frank Yeary, Intel’s independent chairman, used the letter to acknowledge what many on Wall Street and in Silicon Valley have long suspected: Intel’s current performance falls short of its vast potential, and despite years of effort to regain its footing, the turnaround is far from complete.
“We are at a critical moment in Intel’s history,” Yeary wrote. “It has been a few years since we set out to remake this great company... While these are important steps forward, we have faced undeniable challenges.”
The message framed the shareholder meeting and the company’s recent leadership shake-up, culminating in the appointment of veteran investor and executive Lip-Bu Tan as Intel’s new CEO in March. Tan replaced Pat Gelsinger, whose multi-year turnaround strategy failed to deliver results and lost the board’s confidence.
Yeary’s letter signaled a shift in tone from bold ambition to hard-nosed realism. “We remain steadfast in our belief in our company's future,” he wrote, but cautioned that “there are no quick fixes. We need to demonstrate consistent execution and results over a sustained period.”
The company’s challenges are reflected in its share price, which has dropped 36% over the past year. Shareholders approved new stock compensation packages aimed at retaining employees and incentivizing Tan, who could earn up to $42 million in stock awards tied to share performance. They also re-elected most board members, though three directors did not stand for reelection.
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Three shareholder proposals—seeking a reassessment of Intel’s Israel operations, new disclosures on charitable giving, and a rule to allow action by written consent—were all rejected.
Yeary said the board and management “are continuing to work urgently to improve our results, deliver for our customers and create shareholder value.” He also suggested that the company is undergoing a comprehensive reappraisal: “With Lip-Bu now on board, we are continuing to undertake an honest assessment of the business to build on Intel's many strengths.”
Yeary’s letter underscores how far Intel still has to go. “Thanks to the hard work of our employees and partners around the world, we have come a long way,” he wrote, noting progress in the AI PC category and upcoming product releases on the company’s Intel 18A process. “But we need to demonstrate consistent execution... and deliver for our customers.”
