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Intel's Craig Barrett Plans to Leave in May

Intel Chairman Craig Barrett
Source: Reuters
Intel's chairman, Craig Barrett, will retire in May after 35 years with the company and be replaced by director Jane Shaw, the chipmaker said on Friday.

Barrett served as Intel's (NASDAQ: INTC) CEO from 1998 through 2005 and became chairman in 2005. He joined the Santa Clara, Calif.-based company in 1974 as a technology development manager.

"Intel became the world's largest and most successful semiconductor company in 1992 and has maintained that position ever since," Barrett said in a statement.

Paul Otellini is Intel's current CEO. Shaw joined the Intel board in 1993. She retired in 2005 as chairman and CEO of Aerogen, which developed drug-device aerosol products.

In recent years, Barrett has emerged as an outspoken advocate for changes in U.S. educational policy and its investment in research and development.

Barrett's "legacy spans the creation of the best semiconductor manufacturing machine in the world, leading Intel for seven years as we emerged into a global powerhouse, and most recently as our industry's senior statesman and ambassador who has advocated the benefits of education and technology as forces for positive change," Otellini said in a statement.

Shares of Intel rose 39 cents to $13.21 on NASDAQ early Friday afternoon.