No, I think the McLeod is a specialist in corporate liquidation. Remember he was at the helm of National when it was sold to TI. My guess would be he is helping the board market Interstil to some buyer.. What other reasons would there be to add yet another board member? Seems suspciously like a plan is being hatched and we know nothing about it...yet.
Donald McLeod may have become a specialist in corporate liquidation but I believe he started at National Semi in the '70's with the accounting department. He certainly should be able to give some advice on selling Intersil due to the TI buyout.
While I don't think management's stalling for time so McLeod can become CEO, it's conceivable he might take the job. Not to feed that rumor but the analyst Pitzer refered to McLeod as Intersil's CEO in his last report. Pitzer wasn't on the call last week however and I think the slip has more to do with his lack of time with Intersil more than any inside knowledge.
Here's a nightmare scenario: they hire Brian Halla and he gets another one of his genius ideas like going full bore to SOC with Cyrix technology.