Intel re-affirms “product-and-foundry” strategy with director appointments
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Troubled US chip giant Intel Corp. has announced that Eric Meurice, former CEO of ASML Holding NV, and Steve Sanghi, chair and interim CEO of Microchip Technology Inc., have been appointed to Intel’s board of directors with immediate effect.
Both will serve as independent directors.
Intel is undergoing a period of turmoil after Pat Gelsinger announced he was retiring from his position as CEO of Intel. Intel has endured a calamitous 2024 with a series of loss-making quarters that have adversely affected the company’s share price and valuation.
Now Gelsinger is gone, what is Intel’s Plan B?
The fact that Meurice has experience on the chip manufacturing side and Sanghi has the same on the chip product side serves to underline the continuation of Intel’s strategy of becoming both a chip manufacturing foundry and a vendor of semiconductor components.
It is notable that Sanghi began his career at Intel as an engineer in 1978 and rose through the ranks to become general manager of the programmable memory products division before leaving in 1988. Sanghi led Microchip as CEO from 1991 to 2021 and achieved 121 consecutive profitable quarters.
Meurice was largely responsible for guiding through the customer co-investment program at ASML that got Intel, Samsung and TSMC to invest billions of dollars to fund extreme ultraviolet lithography R&D. Prior to ASML, Meurice served as executive vice president of Thomson’s TV division. He also held various leadership roles at Dell, ITT Semiconductors and 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, interim executive chair of the Intel board. “As successful CEOs with proven track records of creating shareholder value, they will bring valuable perspectives to the board as the company delivers on its priorities for customers in Intel Products and Intel Foundry, while driving greater efficiency and improving profitability.”
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