8-KLeadership ChangesRegulation FDExhibits & Filings

INTEL CORP 8-K Report, Executive Changes (Mar 23, 2017)

Filed March 23, 2017For Securities:INTC

Summary

Intel Corporation announced on March 23, 2017, via an 8-K filing, the election of two new independent members to its Board of Directors: Omar Ishrak and Gregory D. Smith. Mr. Ishrak, currently Chairman and CEO of Medtronic plc, brings extensive experience from his tenure at General Electric. Mr. Smith, CFO, Executive Vice President of Corporate Development and Strategy at The Boeing Company, also has a strong financial and strategic background. These appointments are designed to enhance the board's expertise and independence. Both directors will receive standard compensation for non-employee directors, including an annual retainer and equity awards in the form of restricted stock units. This strategic addition to the board signals Intel's commitment to strong corporate governance and leveraging diverse leadership experiences to guide the company.

Key Highlights

  • 1Intel elected Omar Ishrak and Gregory D. Smith as new independent members to its Board of Directors.
  • 2Omar Ishrak is Chairman and CEO of Medtronic plc with prior experience at General Electric.
  • 3Gregory D. Smith is CFO and EVP of Corporate Development and Strategy at The Boeing Company.
  • 4Both new directors have been deemed independent according to NASDAQ listing requirements.
  • 5Mr. Ishrak's appointment was effective March 21, 2017, and Mr. Smith's is effective March 23, 2017.
  • 6New directors will receive standard compensation for non-employee directors, including retainers and equity grants.
  • 7The company provided a press release as an exhibit detailing these board appointments.

Frequently Asked Questions

Intel appointed Omar Ishrak and Gregory D. Smith to its Board of Directors to strengthen the board's expertise and independence, bringing diverse leadership experiences in technology and finance to guide the company.

Omar Ishrak is the Chairman and CEO of Medtronic plc, with a background including leadership roles at General Electric. Gregory D. Smith is the Chief Financial Officer and Executive Vice President of Corporate Development and Strategy at The Boeing Company, with prior experience in investor relations at Raytheon.

The new directors will receive standard compensation for non-employee directors, which includes an annual retainer and equity awards in the form of restricted stock units (RSUs) and outperformance restricted stock units. These awards will be pro-rated for their first year of service.

Yes, the Board of Directors has determined that both Omar Ishrak and Gregory D. Smith qualify as independent directors in accordance with the published listing requirements of NASDAQ.