Intel Appoints Two New Independent Directors, One of Whom Previously Led ASML

On December 2, Intel Corporation announced the retirement of its CEO, Pat Gelsinger, who also stepped down from the board of directors. The company appointed CFO David Zinsner and Chief Product Officer Michelle Johnston Holthaus as interim co-CEOs. Today, Intel revealed the appointment of two new independent directors.

The new independent board members are Eric Meurice, former president, CEO, and chairman of semiconductor equipment giant ASML, and Steve Sanghi, the interim CEO of Microchip Technology.

Meurice served as ASML's president and CEO from 2004 to 2013, during which the company's market value increased fivefold, and he played a key role in driving the development of extreme ultraviolet (EUV) lithography machines through investments from Intel and other companies. Before joining ASML, Meurice held leadership roles at Thomson's television division, as well as at Dell, ITT Semiconductors, and Intel.

Steve Sanghi is the chairman of Microchip Technology's board and has recently agreed to serve as interim CEO and president. Sanghi was the CEO of Microchip Technology from 1991 to 2021, making him one of the longest-serving CEOs in the semiconductor industry. Under his leadership, Microchip Technology consistently met profit targets for 121 consecutive quarters and grew the company's market value from approximately $10 million to around $44 billion over 30 years.