Intel appoints two chip industry veterans to board, hunt for CEO continues

Date:
Fri, 06 Dec 2024 13:00:00 +0000

Description:
Days after Intel CEO Pat Gelsinger steps down, two industry veterans have joined the companys board.

FULL STORY ======================================================================Eric Meurice and Steve Sanghi have joined Intels board with immediate effect
Theyve been described as successful CEOs with proven track records The search for ex-CEO Pat Gelsingers replacement continues

Intel has announced the appointment of two new members to its board semiconductor industry veterans Eric Meurice and Steve Sanghi as the search for a new CEO continues.

The addition of Meurice, former ASML CEO, and Sanghi, Microchip Technology interim CEO, brings back some much-needed semiconductor expertise to the
board following Lip-Bu Tans departure in August.

The boards interim executive chair, Frank Yeary, commented: Eric and Steve
are highly respected leaders in the semiconductor industry whose deep technical expertise, executive experience and operational rigor make them great additions to the Intel board. Intel adds two new members to its board

Yeary goes on to describe both new members as successful CEOs with proven track records of creating shareholder value.

Meurice served as president and CEO for ASML between 2004 and 2013 after high-ranking positions with ITT Semiconductors and Dell. He said: I am thrilled to join Intels board as the company completes a historic pace of process technology innovation and transforms its business for the future.

Sanghi, who recently took on the interim CEO and president roles at Arizona-based Microchip Technology, also has several decades experience including a decade at Intel. He added: I am excited to lend my experience and perspective as Intel executes one of the most consequential corporate transformations in decades.

Under his leadership, Microchip Technology achieved 121 consecutive quarters of profitability, with its market cap shooting from $10 million to $44
billion over a period of 30 years.

With these two veterans on its side, Intel now hopes that its ongoing transformation following poor financial performance will revive the company and restore investor confidence. Its two most recent quarters saw revenue
drop by 1%, and then 6%, year-over-year.

The welcome news comes four days after the companys CEO, Pat Gelsinger, resigned from his role . For now, the search for Gelsingers replacement continues. You might also like Intel and AMD chips are under attack from a
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Link to news story: https://www.techradar.com/pro/intel-appoints-two-chip-industry-veterans-to-boa rd-hunt-for-ceo-continues


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