SAN FRANCISCO—Intel Corp. said Tuesday (July 26) that Andy Bryant, Intel's chief administrative officer, was elected to the new position of vice chairman of the board of directors in preparation for him to be elected the company's next chairman following Intel's annual stockholder meeting in May 2012.
Bryant will serve alongside Intel's current chairman, Jane Shaw, until she retires from the board in May, Intel said. Intel's board was temporarily expanded to 11 members from 10 members until Shaw's retirement, Intel said.
Bryant joined Intel in 1981 and served as the company's chief financial officer from 1994 to 2007. Bryant becomes the second Intel executive to serve on the company's current board, joining Intel President and CEO Paul Otellini.
When Bryant becomes executive chairman, the board will re-establish the position of lead director to be held by an independent, non-employee director, Intel said. Bryant will transition out of his role as chief administrative officer next May as he takes on the full-time chairman responsibilities, Intel said.
"The board welcomes the addition of Andy Bryant to its ranks and looks forward to his service as the next chairman," Shaw said through a statement. "His deep knowledge of Intel and his unmatched wisdom will serve the company well."
Intel said the election of Bryant follows a long corporate practice of senior officer and board succession planning in which the board seeks to identify a person with the particular skills and experience considered most appropriate at the time.
"I am excited about this new position for Andy and look forward to continuing to work closely with him as he assumes his new responsibilities," Otellini said.
Andy Bryant is currently a member of the board of McKesson Corp., the leading healthcare distributor in the U.S., and is also a director at Columbia Sportswear Co. and Kryptiq Inc.