Intel Adds Two New Directors as CEO Search Intensifies

 

he logo of Intel is seen during Computex 2024 in Taipei, Taiwan

Intel has appointed two new directors with extensive semiconductor manufacturing experience as the company accelerates its search for a new CEO following the recent dismissal of Pat Gelsinger.

Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology, will join Intel's board effective immediately, the company announced. Their addition marks a strategic move to strengthen the board with semiconductor expertise, filling the gap left by the August departure of Cadence Design Systems Chairman Lip-Bu Tan.

Intel has remained tight-lipped about the specifics of the committees Meurice and Sanghi will join or details surrounding the ongoing CEO search process. According to sources familiar with the matter, the board’s search for new directors predates Gelsinger's ousting, and discussions with semiconductor executives have been ongoing.

Meurice led ASML, a key player in chip-making machinery, for eight years and oversaw its share price quintuple during his tenure. Sanghi, who recently returned as interim CEO at Microchip Technology, previously held a senior role at Intel from 1991 to 2016.

Frank Yeary, Intel’s interim executive chairman, praised the appointments, stating, "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."

These strategic appointments come as Intel continues its CEO search, with CFO David Zinsner and product chief MJ Holthaus currently serving as interim co-CEOs.

Intel remains in a pivotal moment, with its market capitalization under $100 billion and efforts focused on cost-cutting as it navigates challenges in the semiconductor market