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Intel appoints ASML and Microchip Technology veterans to board during CEO transition – impacting Cadence Design Systems and ASML Holding


Intel Corporation has made significant changes to its board of directors by appointing Eric Meurice and Steve Sanghi, both well-known figures in the semiconductor industry. This comes after the reported departure of CEO Pat Gelsinger, due to the board’s dissatisfaction with his performance. Under Gelsinger’s leadership, Intel’s stock declined over 56% year-to-date, as the company faced challenges from competitors like NVIDIA and Taiwan Semiconductor Manufacturing Company.

Meurice, who previously led ASML Holding NV, oversaw a substantial increase in market value for the company and established programs that included Intel’s investment in cutting-edge technologies. Sanghi served as CEO of Microchip Technology Inc. for 30 years, during which the company experienced significant growth.

The new appointments are seen as a positive move by Intel to bring in experienced leadership as it searches for a permanent CEO. The company is focused on regaining its competitive edge in the semiconductor industry, particularly in AI-centric computing, while also managing its manufacturing transformation and foundry business development.

Intel’s stock closed at $20.80 on Thursday, down 5.28% for the day, but gained 0.15% in after-hours trading. Analysts have varying price targets for Intel, with an average of $24, implying a 15.22% upside potential. These changes signal Intel’s commitment to addressing its challenges and charting a new path forward in the ever-evolving semiconductor market.

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Photo credit www.benzinga.com

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