Intel appoints chip industry veterans to board amidst CEO search
What's the story
Intel has announced the appointment of two chip industry veterans, Eric Meurice and Steve Sanghi, to its board.
The strategic move comes as the semiconductor giant is on the lookout for a new CEO, following Pat Gelsinger's recent exit.
The company hopes to reclaim its former glory in the sector with the new appointments.
Both Meurice and Sanghi have previously worked at Intel.
Expertise
Veterans bring extensive industry experience
Meurice, a former CEO of chipmaking equipment provider ASML, led the company from 2004 to 2013. He has also worked at Thomson S.A, Dell, and ITT Semiconductors.
Sanghi is currently the interim CEO of Microchip Technology and chairs its board. He was Microchip's CEO from 1991 to 2021 before returning to the role in November due to a demand slump from automotive customers.
While Meurice worked at Intel between 1984-1989, Sanghi was at the company between 1978-1988.
Challenges
Intel's struggles due to contract manufacturing
Intel has been struggling with advanced chipmaking, trailing behind rivals such as NVIDIA in developing chips for AI and Taiwan Semiconductor Manufacturing Company (TSMC) in manufacturing smaller, more efficient semiconductors.
Gelsinger's ouster as CEO was announced on Monday. His ambitious foray into contract manufacturing caused Intel's market value to dwindle to over 30 times less than NVIDIA's.
The company is now eyeing several external candidates, including former board member Lip-Bu Tan, for the CEO position, Reuters reported earlier this week.