Intel Bolsters Board with Seasoned Semiconductor Experts
As Intel embarks on a critical search for a new CEO, the company has appointed two experienced semiconductor manufacturing professionals to its board of directors. Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology, will bring their extensive expertise to the table, effective immediately.
Filling a Critical Gap
The appointments come at a time when Intel’s board was lacking directors with semiconductor experience, following the departure of Cadence Design Systems Chairman Lip-Bu Tan in August. Meurice and Sanghi’s additions will provide valuable insights as the company navigates its search for a new CEO.
A Proactive Approach
According to sources familiar with the matter, Intel’s search for new directors began prior to the ousting of former CEO Pat Gelsinger. The company’s board had been interviewing semiconductor executives for several weeks, demonstrating a proactive approach to filling key positions.
Meurice and Sanghi: A Powerhouse Duo
Meurice, who led ASML for eight years, oversaw a quintupling of the company’s share price during his tenure. Sanghi, a seasoned executive with a background at Intel, rejoined Microchip as interim CEO in November. Both bring a wealth of technical expertise, executive experience, and operational rigor to the Intel board.
A Critical Juncture for Intel
With a market cap below $100 billion and an ongoing cost-cutting drive, Intel faces significant challenges. Interim Executive Chairman Frank Yeary believes Meurice and Sanghi will be instrumental in guiding the company through this critical period. The duo joins Intel’s board alongside interim co-CEOs David Zinsner and MJ Holthaus, as the company works to assemble a shortlist of CEO replacements with the help of an executive search firm.
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