Board appointments of Eric Meurice and Steve Sanghi signal focus on manufacturing and innovation
Intel Corporation (INTC), grappling with competitive pressures and leadership challenges, has appointed two seasoned industry veterans to its board. The move, announced Thursday, adds Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology, to the board as the semiconductor giant searches for a new CEO and attempts to reestablish its dominance in the industry.
A Critical Juncture
The board shakeup follows the ouster of former CEO Pat Gelsinger earlier this week. Gelsinger, who aimed to restore Intel’s manufacturing prowess, placed a significant bet on contract chipmaking—a costly strategy that failed to yield the desired turnaround. Under his tenure, Intel’s market value shrank to a fraction of competitors like NVIDIA, whose innovative AI chips have outpaced Intel’s product portfolio, and TSMC, which leads in advanced semiconductor manufacturing.
Intel is now evaluating external candidates for its next CEO, with Reuters reporting that former board member Lip-Bu Tan is among the contenders. Interim co-CEO and CFO David Zinsner emphasized that the new leader must possess a blend of manufacturing expertise and product development acumen to navigate Intel’s complex challenges.
Veteran Expertise
Eric Meurice and Steve Sanghi bring decades of semiconductor industry experience and strong ties to Intel’s legacy. Meurice, who served at Intel from 1984 to 1989, led ASML during a transformative period. ASML’s extreme ultraviolet lithography (EUV) technology is vital for creating smaller, faster chips—a domain where Intel lags significantly behind rivals like TSMC. Intel’s delayed adoption of EUV tools has set its manufacturing progress years back.
Sanghi, a former Intel employee from 1978 to 1988, has a long history of operational leadership. During his tenure as Microchip Technology’s CEO, he steered the company through market fluctuations and positioned it as a key supplier for automotive and industrial sectors. His recent return as interim CEO of Microchip underscores his capability in addressing demand slowdowns—a skill Intel might benefit from amid its own struggles.
Looking Ahead
As Intel reconfigures its leadership and strategy, the board appointments of Meurice and Sanghi signify a commitment to leveraging proven expertise in manufacturing and innovation. With the semiconductor industry at the heart of technological advancements, Intel’s next steps will be pivotal in determining whether it can reclaim its once-dominant position in the global chip market.
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