Intel Appoints Two New Directors with Semiconductor Experience
Intel announced the appointment of two new directors, Eric Meurice and Steve Sanghi, to its board of directors, effective immediately. Meurice, former CEO of ASML, and Sanghi, former CEO of Microchip Technology, bring significant semiconductor manufacturing experience to the company.
Meurice, who ran ASML for eight years, saw the company’s share price quintuple during his tenure. Sanghi rejoined Microchip as interim CEO in November, after serving as CEO from 1991 to 2016. He previously worked at Intel.
Frank Yeary, interim Executive Chairman, welcomed the new directors, stating that they will bring “deep technical expertise, executive experience, and operational rigor” to the board.
The appointments come as Intel search for a new CEO to replace Pat Gelsinger, who was ousted over the weekend. The company is being advised by an executive search firm and has a shortlist of potential candidates. The new directors will join the search process, which predates Gelsinger’s firing.
Intel’s board has been interviewing semiconductor executives for several weeks, and the company has a cost-cutting initiative underway, which is currently underway. The market capitalization of Intel is below $100 billion. The current interim co-CEOs are David Zinsner, CFO, and MJ Holthaus, product chief.
