Intel Corp. announced Friday that Craig Barrett intends to retire as non-executive chairman in May after serving the company for 35 years and helping it become the world's largest chip maker.
Barret, 69, will be replaced by independent director Jane Shaw starting from May.
Intel, along with Microsoft, Advanced Micro Devices and Seagate Technology are leading with the toughest market in years, as the credit crunch has led to decreased consumer spending and lower demand for PCs.
The companies have announced thousands of job cuts in recent weeks. Intel among them, has announced it may cut as much as 6,000 jobs.
Intel Corp., reported last week its fourth quarter net income plunged 90 percent.