Intel adds two new directors and searches for CEO | Wilnesh News

Intel announced on thursday Appointment of two new directors He has extensive experience in semiconductor manufacturing as the company steps up its search for a successor to ousted Chief Executive Pat Gelsinger.

previous ASML CEO Eric Morris and microchip Interim Chief Executive Steve Sanghi will join Intel’s board of directors, effective immediately, the company said. Their appointments mean Intel’s board once again has directors with semiconductor experience, filling the vacuum left by the departure of Cadence Design Systems Chairman Lip-Bu Tan a few weeks ago.

Intel declined to comment on which committees the two new directors will join or the nature of the search process.

Intel began looking for a new director before Gelsinger was fired, people familiar with the matter said. The company’s board has been interviewing semiconductor executives for weeks, people familiar with the matter said.

Morris ran ASML for eight years, which makes some of the most advanced wafer-making machines. Intel said ASML’s stock price rose fivefold during his tenure.

Sanghi rejoined Microchip in 2024 as interim CEO after serving as CEO from 1991 to 2016. Sanghi had previously served as an Intel executive.

“Eric and Steve are well-respected leaders in the semiconductor industry, and their deep technical expertise, management experience and operational rigor make them great additions to Intel’s board of directors,” said interim executive chairman Frank Yeary. Important addition.

Sanghi and Morris join Intel’s board of directors at a critical time. The company ousted Chief Executive Pat Gelsinger over the weekend and has since been putting together a list of replacements with the help of a headhunting firm. Intel’s market value is firmly below $100 billion, and the company is still aggressively cutting costs.

Intel Chief Financial Officer David Zinsner and product chief MJ Holthaus currently serve as interim co-executives.