Ishrak took over in 2020, which was a period which saw a bag load of trouble for Intel. So, we are guessing that news of the resignation does not mean good things for Intel.

The former chairman was responsible for CEO Pat Gelsinger’s return to the company as its chief executive in early 2021. 

Taking Ishrak’s place as chairman is Frank Yeary, who’s served on Intel’s board of directors for nearly 14 years. Yeary’s background is primarily in the financial sector, where he also serves as a managing member of Darwin Capital Advisors and was the cofounder at CamberView Partners. Yeary is also on the boards of several high-profile tech and financial companies including Mobileye and PayPal Holdings.

“While the company certainly has big tasks ahead of it, I’m confident we have the right strategy in place. It’s imperative that we execute well and simultaneously deliver value to our stockholders,” Yeary said in a statement.

Yeary’s comments don’t suggest major changes at Chipzill. It has already committed to cutting $10 billion a year in spending by 2025. And, over the past few weeks, we’ve seen Intel slash several planned projects — including two valued at nearly $1 billion — and begin laying off workers in California.

Ishrak will retain a position as an independent director and will continue to serve on several committees, according to Intel.

“It’s been a privilege to serve as chair of Intel’s board of directors and help lay the foundation for the company’s transformation,” Ishrak said in a company statement.

Analysts predict Intel will post revenues in the range of $14.51 billion for Q4 2022. If that holds true, that’d represent a 5 per cent revenue decline from Q3 and a   30 per cent decline from last year.