Intel Press Release

Craig Barrett To Be Elected Intel CEO

Andrew S. Grove To Continue Working Full Time As Intel Chairman

SANTA CLARA, Calif., March 26, 1998 -- Intel Corporation said today that its Board of Directors plans to elect Craig R. Barrett, current president and chief operating officer, as its next chief executive officer at the next organizational meeting which will immediately follow the company's annual meeting on May 20. Barrett, 58, succeeds Andrew S. Grove, 61, who will continue working full time as chairman.

"Craig has been the architect of Intel's operations throughout the last decade. Our performance in developing a superb set of products and meticulously ramping them into high-volume production has been the result of the exceptional organization and methodology he has put into place," said Grove. "He has also grown into an outstanding multifaceted leader and is ready to undertake additional challenges as Intel's chief executive officer.

"I have thoroughly enjoyed being Intel's CEO for the past 11 years, and now I would like to focus more of my time on broad strategic issues concerning the industry and Intel. Craig and I have had a long working relationship and I look forward to a smooth transition of our roles as I continue my work as chairman," Grove said.

Barrett was born in San Francisco, Calif. and attended Stanford University from 1957 to 1964 where he received his Bachelor of Science, Master of Science and Ph.D degrees in Materials Science. Upon graduation he joined the faculty of Stanford's Materials Science and Engineering Department, rising to Associate Professor. He joined Intel Corporation in 1974 and was named a vice president in 1984, promoted to senior vice president in 1987 and became executive vice president in 1990. He was elected to the company's Board of Directors in 1992 and was named chief operating officer in 1993. He became the fourth President of the 30 year-old company in 1997.

Barrett is a member of the National Academy of Engineering and the author of over 40 technical papers, and heads the Semiconductor Council for the U.S. Department of Commerce.

Grove participated in the founding of Intel in 1968. In 1979 he was named president and in 1987 he became chief executive officer. In 1997 Grove became Intel's chairman of the board.

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