(Reuters) – Intel Corp said on Monday that Chairman Omar Ishrak has resigned and the chipmaker has appointed board director Frank Yerry to replace him.

“He (Ishrak) was instrumental in bringing me back to the company as CEO and created an effective working dynamic across the board and management team,” Intel CEO Pat Gelsinger said.

Gelsinger returned to Intel in 2021 as chief executive of VMware to drive change at a company that is restructuring its business to catch up with the competition.

As a result, the US chipmaker is ramping up investment in chip manufacturing plants in the United States and Europe.

“While there are certainly big challenges ahead for the company, I am confident that we have the right strategy in place,” Yery said.

Yery, an Intel director since 2009, also serves on the boards of PayPal Holdings, Intel’s Mobileye and a number of private companies.

Ishrak, who was CEO of medical device maker Medtronic for nearly nine years, became Intel’s chairman in 2020. He will continue to serve as an independent director on Intel’s board, the company said.

(Reporting by Chavi Mehta in Bangalore; Editing by Maju Samuel)

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