Old man Moore has to go, as Intel says no to directors over 72 years old...Chip giant Intel bid farewell to its co-founder Gordon Moore late yesterday as he retired from the company's board after more than three decades of service. He will be replaced by Reed Hundt, who was formerly Federal Communications chairman and is currently advisor to management consultancy firm McKinsey & Company. Moore is best known for his theory, popularly called Moore's Law, which states: The power of semiconductors will double every 18 months, while the cost of producing them stays the same. The 72-year-old Moore, who co-founded Intel in 1968 with Robert Noyce, was given a standing ovation at the company's annual shareholder meeting in California in April. According to company policy, board directors cannot remain after reaching the age of 72.