Intel Corporation has announced the appointment of Eric Meurice, former CEO of ASML Holding NV, and Steve Sanghi, chairman and interim CEO of Microchip Technology Inc., to its board of directors as independent directors. Frank D. Yeary, interim executive chair of Intel’s board, praised their deep technical expertise and executive experience. Meurice was president and CEO of ASML from 2004 to 2013, during which time the company’s market value grew five-fold. He also helped establish ASML’s Customer Co-Investment Program. Before ASML, Meurice held leadership roles at Thomson’s TV division, Dell, ITT Semiconductors, and Intel. Meurice expressed his enthusiasm for joining Intel’s board as the company undergoes significant transformation.
Steve Sanghi is currently the chair of Microchip Technology and has agreed to serve as interim CEO and president. He previously led Microchip Technology as CEO from 1991 to 2021, overseeing a remarkable growth in the company’s market value from $10m to $44 billion over his three-decade tenure. Sanghi held prior roles at Waferscale Integration Inc. and Intel. Commenting on his new role at Intel, Sanghi expressed excitement to contribute his experience during the company’s transformation, emphasising Intel’s strong position in capitalising on product and foundry business opportunities.
Additionally, Intel announced the retirement of CEO Pat Gelsinger, who stepped down after a 40-year career, effective 1 December 2024. Intel has appointed David Zinsner and Michelle (MJ) Johnston Holthaus as interim co-chief executive officers. Zinsner is the executive vice president and chief financial officer, and Holthaus has been named CEO of Intel Products, overseeing the Client Computing Group, Data Center and AI Group, and Network and Edge Group. Frank Yeary will become interim executive chair of the board during this transition. A search committee has been formed to find a permanent successor to Gelsinger.
Yeary thanked Gelsinger for his dedication to Intel and highlighted his leadership, particularly in revitalizing process manufacturing and driving innovation. Intel’s board is committed to maintaining product leadership by focusing on delivering for its customers and enhancing manufacturing capabilities. Yeary emphasised the importance of returning to process leadership and ensuring the product group receives necessary resources. Under Zinsner and Holthaus’s leadership, Intel aims to streamline its product portfolio, advance manufacturing and foundry capabilities, and optimise operating expenses.
Gelsinger expressed his gratitude for his time at Intel, reflecting on the collective achievements and transformative decisions made during his tenure, despite the challenges posed by market dynamics. He began his career at Intel in 1979, eventually becoming its first chief technology officer, and played a pivotal role in fostering innovation and urgency within the organisation.
Gelsinger said, “Leading Intel has been the honor of my lifetime – this group of people is among the best and the brightest in the business, and I’m honored to call each and every one a colleague. Today is, of course, bittersweet as this company has been my life for the bulk of my working career. I can look back with pride at all that we have accomplished together. It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics. I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family.”
Zinsner and Holthaus acknowledged Gelsinger’s commitment and leadership. They reiterated their dedication to focusing on Intel Products and meeting customer needs while prioritising returns on foundry investments. Zinsner brings over 25 years of financial and operational experience and joined Intel in January 2022. Holthaus has been with Intel for nearly three decades, having served in various leadership positions, including chief revenue officer and general manager of the Sales and Marketing Group.