Intel adds former ASML exec, Microchip interim chief to board amid CEO search

Investing.com -- Intel Corporation (NASDAQ:INTC ) on Thursday said it was adding former ASML (AS:ASML ) chief Eric Meurice and Microchip Technology (NASDAQ:MCHP )'s interim CEO Steve Sanghi to its board of directors, effective immediately. Both will serve as independent directors.

The development comes as Intel searches for a new chief executive after Pat Gelsinger stepped down. Gelsinger, who took the helm less than four years ago, was navigating the struggling U.S. chipmaking giant with a costly turnaround plan.

While the search for chief executive is going on, Chief Financial Officer David Zinsner and senior executive Michelle Johnston Holthaus have been named co-CEOs.

Separately, a note from Northland Capital Markets highlighted that a new CEO is unlikely to resolve Intel's foundry challenges within the next year. However, the note added that increasing geopolitical risks surrounding Taiwan could ensure continued government support for Intel.

Meurice served as president and chief executive officer of ASML from 2004 to 2013. During his tenure, ASML’s market value increased five-fold, Intel said in the statement. 

Under Sanghi, Microchip Technology achieved 121 consecutive quarters of profitability. He took the company from a market value of approximately $10 million to a market value of approximately $44 billion over his tenure of 30 years, Intel added

Intel Corp shares were down 1.5% at $21

Source: Investing.com