Aiming to revive competitiveness and profitability amid challenges, Intel appoints industry veterans Eric Meurice and Steve Sanghi to its board after Pat Gelsinger’s departure.
On Thursday, Intel Corporation announced the immediate appointment of two industry veterans, Eric Meurice, Former president, CEO, and chairman of ASML Holding N.V., and Steve Sanghi, Chairman and acting CEO of Microchip Technology Inc., as independent directors to its board.
This follows the retirement of Pat Gelsinger as Intel’s CEO after nearly four years at the helm.
Meurice has served at ASML from 2004 to 2013. Under his leadership, the company’s market value grew substantially, and he played a key role in establishing ASML’s ‘Customer Co-Investment Programme’. This initiative involved Intel and other companies investing in ASML’s R&D for next-generation lithography technologies, including extreme ultraviolet (EUV) lithography.
Before his time at ASML, Meurice also held leadership roles at Dell, ITT Semiconductors, Intel, and as executive vice president at Thomson’s TV division.
Looking ahead at his new role, Meurice stated, “I look forward to working with my fellow directors to further enhance Intel’s market competitiveness and deliver sustainable financial performance.”
Sanghi, the current chairman and interim CEO of Microchip Technology, was previously the company’s CEO from 1991 to 2021. Under his leadership, Microchip Technology achieved 121 consecutive quarters of profitability and grew its market value from around $10 million to $44 billion over his 30-year tenure.
Before joining Microchip, Sanghi was vice president of operations at Waferscale Integration Inc. and held multiple roles at Intel.
“I am excited to lend my experience and perspective as Intel executes one of the most consequential corporate transformations in decades,” noted Sanghi.
He stated that Intel is well-positioned to capitalise on attractive opportunities in its product and foundry businesses and expressed eagerness to work with the board and management team to achieve the company’s goals.
Last week, Gelsinger’s departure came amid multiple challenges that Intel has been facing for quite some time, including a $17 billion net loss in Q3 2024. In the interim, CFO David Zinsner and Intel Products CEO Michelle Johnston Holthaus have been appointed co-CEOs while the company searches for a permanent replacement.
To what extent is the company hopeful about its revival with the new directors onboard? Commented Frank D. Yeary, interim executive chair of the Intel board, “As successful CEOs with proven track records of creating shareholder value, they will bring valuable perspectives to the board as the company delivers on its priorities for customers in Intel Products and Intel Foundry while driving greater efficiency and improving profitability.”
