David Pottruck will not stand for re-election to Intel’s board at the company’s 2018 annual stockholders’ meeting, said Intel in a statement. Mr. Pottruck, a member of the board since 1998, will continue to serve as a director until the expiration of his current term at the next stockholders’ meeting this year.

In making his decision, Mr. Pottruck stated, “It has been an honor to serve on the Intel board for 20 years and I believe with our new members in place it’s time to continue to refresh our board with new ideas and perspectives. I believe firmly Intel’s greatest opportunities are yet ahead.”

Mr. Pottruck is chairman and chief executive officer of Red Eagle Ventures, a San Francisco private equity firm. He also serves as a senior fellow in the Wharton School of Business Center for Leadership and Change Management.

In July of 2004, Mr. Pottruck resigned after a 20-year career having served as president, chief executive officer and a member of the board of Charles Schwab.

[Image courtesy: Intel]