Intel Corporation today announced that it has appointed Eric Meurice, a former chief executive officer at ASML, and Steve Sanghi, an interim CEO at Microchip Technology to its board of directors amid the firm’s quick pace to seek a new top executive following Pat Gelsinger’s exit.
Meurice and Sanghi join Intel’s board, filling the gap left by the departure of Cadence Design Systems Chairman Lip-Bu Tan in August. Their appointments form part of Intel’s continuing efforts to strengthen its semiconductor expertise at the board level. The company has made no comment on which committees the new directors will join or even details on the search process for a new CEO.
Sources familiar with the situation said that the board’s search for new members was already under way before Gelsinger’s exit. They were interviewing semiconductor executives with help from an executive search firm since late last month. Leadership at such a time, when Intel’s market capitalization stays below $100 billion and continues to be stuck in a cost-cutting endeavor.
Meurice brings a lot of experience into Intel, having headed ASML, one of the companies known for manufacturing some of the world’s most advanced chipmaking equipment. Under his leadership, ASML’s share price jumped fivefold. Sanghi was earlier the CEO of Microchip Technology from 1991 to 2016. He rejoined the company in November as interim CEO. Before joining Microchip, Sanghi was an executive at Intel, and this gives him insight into the company’s operations.
Intel’s interim Executive Chairman, Frank Yeary, praised both directors, emphasizing their deep technical expertise and strong leadership in the semiconductor industry. “Eric and Steve are highly respected leaders whose operational rigor and executive experience will be invaluable to Intel as we move forward,” Yeary said.
The company currently operates under the supervision of interim co-CEOs, who are CFO David Zinsner and product chief MJ Holthaus. The board remains on the hunt for a permanent CEO while it transitions into this critical corporate restructuring phase.
