Intel appoints two new board members with semiconductor backgrounds following Gelsinger exit

Intel has appointed Eric Meurice, former CEO of ASML, and Steve Sanghi, chairman and interim CEO of Microchip Technology, to its board of directors. Both are seasoned leaders in the semiconductor industry and bring decades of expertise and significant accomplishments to the board previously led by people without microelectronics experience. What is noteworthy is that both new board members used to work at Intel. 

"As successful CEOs with proven track records of creating shareholder value, they will bring valuable perspectives to the board as the company delivers on its priorities for customers in Intel Products and Intel Foundry, while driving greater efficiency and improving profitability," said Frank D. Yeary, interim executive chair of the Intel board. 

Eric Meurice led ASML from 2004 to 2013, and during his tenure the company's market value grew fivefold as the company became the world leader in lithography. He played a key role in launching the Customer Co-Investment Program, where Intel, Samsung, and TSMC backed ASML's development EUV machines, which are now an indispensable part of leading-edge process technologies and fabs. His prior roles include leadership positions at Thomson, Dell, ITT Semiconductors, and Intel.  

"I am thrilled to join Intel's board as the company completes a historic pace of process technology innovation and transforms its business for the future," said Meurice. "I look forward to working with my fellow directors to further enhance Intel's market competitiveness and deliver sustainable financial performance." 

Steve Sanghi, who served as CEO of Microchip Technology for 30 years, transformed the company from a $10 million enterprise into a $44 billion company. Under his leadership, the company achieved 121 consecutive profitable quarters. Before joining Microchip, Sanghi held senior roles at Waferscale Integration and Intel.  

"I am excited to lend my experience and perspective as Intel executes one of the most consequential corporate transformations in decades," said Sanghi. "Intel is well-positioned to capitalize on attractive opportunities across its product and foundry businesses, and I am eager to work with the board and management team to deliver on the goals the company has set." 

As Intel became a more product-diversified company, it appointed people outside of the semiconductor industry to its board of directors. As a result, the board was flooded with people who have little to no experience in the field of microelectronics.  

Right now, the board has 13 directors led by Frank D. Yeary, who spent 25 years in the finance industry and is currently managing member at Darwin Capital Advisors LLC, a private investment firm. Including Yeary, there are five members of the board with financial, venture capitalist, and ecommerce backgrounds. Two directors come from the healthcare industry, two come from academia with a focus on electrical engineering and semiconductors, one comes from the PC industry, and three now have a background in the semiconductor industry.