Intel Corporation Adds New Directors
Intel Corporation (NASDAQ:INTC) announced on Thursday the appointment of two new independent directors to its board: Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology.
This decision comes as Intel is in search of a new chief executive following Pat Gelsinger's resignation. Gelsinger, who led the company for nearly four years, attempted to manage the struggling chipmaker with an expensive turnaround strategy.
In the interim, Chief Financial Officer David Zinsner and senior executive Michelle Johnston Holthaus have been appointed co-CEOs.
A report from Northland Capital Markets suggested that finding a new CEO might not alleviate Intel's foundry challenges within the next year. However, it mentioned that rising geopolitical tensions in Taiwan could lead to continued government support for Intel.
From 2004 to 2013, Meurice served as president and CEO of ASML, during which the company’s market value rose five-fold, according to Intel’s statement. Meanwhile, under Sanghi’s leadership, Microchip Technology reported 121 consecutive quarters of profitability, increasing its market value from around $10 million to approximately $44 billion over three decades.
Intel Corp shares have declined by 1.5%, trading at $21.
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