- Eric Meurice and Steve Sanghi have joined Intel’s board with immediate effect
- They’ve been described as “successful CEOs with proven track records”
- The search for ex-CEO Pat Gelsinger’s replacement continues
Intel has announced the appointment of two new members to its board – semiconductor industry veterans Eric Meurice and Steve Sanghi – as the search for a new CEO continues.
The addition of Meurice, former ASML CEO, and Sanghi, Microchip Technology interim CEO, brings back some much-needed semiconductor expertise to the board following Lip-Bu Tan’s departure in August.
The board’s interim executive chair, Frank Yeary, commented: “Eric and Steve are highly respected leaders in the semiconductor industry whose deep technical expertise, executive experience and operational rigor make them great additions to the Intel board.”
Intel adds two new members to its board
Yeary goes on to describe both new members as “successful CEOs with proven track records of creating shareholder value.”
Meurice served as president and CEO for ASML between 2004 and 2013 after high-ranking positions with ITT Semiconductors and Dell. He said: “I am thrilled to join Intel’s board as the company completes a historic pace of process technology innovation and transforms its business for the future.”
Sanghi, who recently took on the interim CEO and president roles at Arizona-based Microchip Technology, also has several decades’ experience including a decade at Intel. He added: “I am excited to lend my experience and perspective as Intel executes one of the most consequential corporate transformations in decades.”
Under his leadership, Microchip Technology achieved 121 consecutive quarters of profitability, with its market cap shooting from $10 million to $44 billion over a period of 30 years.
With these two veterans on its side, Intel now hopes that its ongoing transformation following poor financial performance will revive the company and restore investor confidence. Its two most recent quarters saw revenue drop by 1%, and then 6%, year-over-year.
The welcome news comes four days after the company’s CEO, Pat Gelsinger, resigned from his role. For now, the search for Gelsinger’s replacement continues.
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