Intel Strengthens Board with New Leaders Amid CEO Transition

Intel announced on Thursday the appointment of two new directors, both bringing extensive experience in semiconductor manufacturing. This decision follows Intel’s accelerated search for a successor to former CEO Pat Gelsinger, ousted over the weekend.

Joining Intel’s board is Eric Meurice, the former CEO of ASML, and Steve Sanghi, the interim CEO of Microchip Technology. Their appointments are effective immediately and mark a strategic effort to fill the void left by the departure of Lip-Bu Tan, Chairman of Cadence Design Systems, in August. Intel has emphasized the importance of semiconductor expertise on its board, a focus that is now back on track with these recent additions.

While Intel has not disclosed which committees Meurice and Sanghi will join or the specifics of the search process for Gelsinger’s replacement, sources indicate that the search for new directors was already underway before Gelsinger’s dismissal. Reports suggest that the board has been actively interviewing semiconductor executives for several weeks.

Eric Meurice, who led ASML for eight years, oversaw a remarkable increase in the company’s share price, which quintupled during his tenure. ASML is renowned for producing some of the most advanced chip-making machinery in the industry. Meanwhile, Steve Sanghi has a long history with Microchip Technology, having served as CEO from 1991 to 2016 before returning as interim CEO last month. Sanghi also has previous executive experience at Intel.

“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,” said Frank Yeary, Intel’s interim Executive Chairman.

These appointments come at a pivotal time for Intel. With a market cap firmly below $100 billion and an ongoing cost-cutting initiative, the company faces significant challenges. Currently, Intel’s CFO David Zinsner and product chief MJ Holthaus are serving as interim co-CEOs while the board works with an executive search firm to identify a permanent replacement for Gelsinger.

As the semiconductor landscape grows, Intel’s strategic moves to enhance its leadership team may prove crucial in navigating the company through these turbulent times.