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Reboot

Craig Barrett has worked at Intel Corp. since the dawn of the personal-computing age. Hired as a 34-year-old PhD in 1974, he’s stepping down as chairman at age 69, as the business he helped create is being hithard by the recession. Call it good timing, but whatever you do, don’t call it retirement.

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Paula Wagner worked with Tom Cruise for almost three decades, first as his agent, then as his producing partner, and finally as co-owner of United Artists, a long-defunct label that MGM hoped to revitalize. After 18 months as a studio chief, she stepped down to return to producing. But this time she’s going solo. Read More
Craig Barrett

So after 35 years at Intel, you’re finally done. With what? I’m not done. I’m retiring from the high-tech industry and going into the resort business. My wife and I have a guest ranch in Darby, Montana, and I’m going to run that. We went there as guests. You could say I liked it so much, I bought the ranch.

Given what’s going on in the world economy, your exit on May 20 is well-timed. This meltdown has proceeded faster than anybody had anticipated. We’re seeing hundreds of billions of dollars thrown at this. Let’s hope it works.

How does this recession compare with the dotcom downturn? To some degree, it’s worse. In the dotcom era, companies got phenomenally overvalued. Business plans were being funded without substance. It was driven by free money. This time, it’s also driven by free money. But it’s broader. There’s no free lunch in this world. If someone’s going to promise you an immense amount of return, you probably ought to think about it. Buying things that are beyond your means is probably not a sound business strategy.

Do you see a bright side to this situation? I will remain hopeful that with this meltdown, the country will get a little bit back to basics. Smart people and smart ideas are the only things we can use to compete. Easy money, something for nothing, is not a strategy.

When will it end? Our best economists in the world have totally screwed up so far. I’m not going to stick my neck in that noose.

You must have been hoping you could go out on top? You know, these things go in cycles. It’s not all terrible. Basic research spending will go up. We’ll throw money at broadband. Of course, it’s taken a bank meltdown to get the government to invest in this area.

So, you’re basically going to be running a B&B? [Laughs.] There’s more to it than that. Triple Creek is one of the top guest ranches in the country. I’m going from one No. 1 business to another No. 1 business.


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