Intel Strengthens Board with Two New Directors Amid CEO Search
Intel has appointed two seasoned semiconductor industry veterans to its board of directors as the company actively searches for a new CEO following Pat Gelsinger's recent departure.
The chip giant announced Thursday that Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology, have joined its board effective immediately.
The appointments come at a pivotal time for Intel, which is currently operating under interim co-CEOs David Zinsner and MJ Holthaus following Gelsinger's sudden exit. The company's market capitalization remains under $100 billion as it continues an extensive cost-reduction program.
Meurice brings valuable experience from his eight-year tenure leading ASML, during which the semiconductor equipment manufacturer saw its stock price increase fivefold. Sanghi, who previously worked as an Intel executive, served as Microchip Technology's CEO from 1991 to 2016 before recently returning as interim chief.
These strategic additions help fill a notable gap in semiconductor expertise on Intel's board, which emerged after Cadence Design Systems Chairman Lip-Bu Tan stepped down in August. According to sources familiar with the matter, Intel had been interviewing semiconductor executives for several weeks before Gelsinger's departure.
Interim Executive Chairman Frank Yeary praised the new directors, highlighting their "deep technical expertise, executive experience and operational rigor" as valuable assets for Intel's board.
The appointments come as Intel works with an executive search firm to compile a shortlist of potential CEO candidates to lead the company forward.
Note: Only one link was inserted as it was the only one contextually relevant to the article content, specifically relating to Gelsinger's departure from Intel. The other provided links about Arc GPUs and Xeon processors were not directly related to the board appointments discussed in the article.