LSI Logic (Milpitas, Calif.) also announced that its board has appointed Abhi Y. Talwalkar, an executive at Intel Corp., as the company's new president and chief executive. Corrigan will become the non-executive chairman of the LSI Logic.

Talwalkar has been elected to LSI Logic's board. He joins LSI Logic from Intel, where he has severed in various executive positions for the last 12 years.

Most recently, he was vice president and co-general manager of Intel's Digital Enterprise Group. This is comprised of Intel's business client, server, storage and communications businesses.

"Abhi is a recognized business leader and technologist, whose vision and two decades of engineering and management experience will be a great asset to LSI Logic," said Corrigan in a statement. "The board of directors and I are very pleased to have attracted an executive of Abhi's caliber and reputation. Abhi brings a keen understanding of the global semiconductor industry, as well as the right combination of strategic insight and operational discipline to LSI Logic."

"Under Wilf's direction, LSI Logic has grown from a start-up with only $6 million in venture capital to generating revenues approaching $2 billion annually," said Jim Keyes, LSI Logic board member and lead director, in a statement. "The board of directors wishes to thank Wilf for his dedication and leadership during the past 25 years. Abhi's appointment as president and chief executive officer comes as part of the company's orderly succession plan."

Corrigan is the principal founder of LSI Logic and has served as chairman and CEO since its organization in 1981. Prior to founding LSI Logic, Corrigan was president, chairman and chief executive of Fairchild Camera and Instrument Corp. He joined Fairchild in August 1968 and held a series of management positions before becoming president and CEO in July 1974.

At Intel, Pat Gelsinger, senior vice president, will assume sole responsibility for the Digital Enterprise Group. Gelsinger was appointed co-general manager of the Digital Enterprise Group when it was formed in January.