Santa Clara, Calif. - Semiconductor manufacturer Intel (NASD: INTC) said on Friday that Craig Barrett will retire as its chairman in May.

Barrett joined the company in 1974, serving as its CEO from 1998 through 2005.

He also currently chairs the U.N. Global Alliance for Information and Communications Technology and Development.

"His legacy spans the creation of the best semiconductor manufacturing machine in the world, leading Intel for seven years as we emerged into a global powerhouse, and most recently as our industry's senior statesman and ambassador," said Paul Otellini, Intel's president and CEO.

Independent director Jane Shaw, who joined the company's board in 1993, will replace Barrett as non-executive chairman beginning in May.

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