Intel brings in two semiconductor industry veterans to save the company

Intel is now looking for a candidate to replace fired CEO Pat Gelsinger. At the same time, the company announced the appointment of two new executives with significant experience in the semiconductor industry. Former ASML CEO Eric Meurice and interim Microchip CEO Steve Sanghi will join Intel’s board effective immediately.

Image source: Intel

Meiris ran ASML for eight years, during which the company’s share price quintupled. Sanghi returned to Microchip as interim CEO in 2024, having previously served as the company’s CEO from 1991 to 2016. Sanghi previously held senior management positions at Intel.

«Eric and Steve are highly respected leaders in the semiconductor industry whose deep technical knowledge, leadership experience and operational rigor make them excellent additions to the Intel Board of Directors,” said Frank Yeary, Interim Chairman of the Intel Executive Committee.

According to information from knowledgeable sources, Intel began searching for new top managers even before Gelsinger’s dismissal. The company’s board of directors spent several weeks interviewing executives from semiconductor companies. Intel did not say which committees the two new directors would sit on. In any case, Intel’s board of directors once again has directors with semiconductor experience.

It will fill a staffing vacuum left by the departure of chip software company Cadence Design Systems head Lip-Bu Tan. Before his departure, Lip-Bu Tan served on Intel’s board of directors for two years and was considered one of the candidates for the post of CEO. According to rumors, Intel’s board of directors is now considering the possibility of his return.

Sanghi and Muris join Intel’s board at a critical time. Intel’s shares are falling, its market capitalization has not risen above $100 billion, while the company is still in the middle of an intense cost-cutting campaign.

Currently, Intel’s CFO David Zinsner and Product Director Michelle Johnston Holthaus are serving as interim CEOs of Intel.