Intel Corporation (INTC, Financial), a Semiconductor manufacturing company, has added two new directors to its board: Eric Meurice, the former CEO of ASML (ASML, Financial), and Steve Sanghi, the acting CEO of Microchip Technology (MU, Financial). Both will act as company directors as it looks for a new CEO after Gelsinger's exit. The firm's stock price surged fivefold under Meurice, who was at ASML's helm from 2004 to 2013.
Sanghi built Microchip Technology and turned it into a $44-billion company that has delivered 121 straight quarters of profitability over three decades.
David Zinsner, CFO of Intel, and Michelle Johnston Holthaus are at the helm as co-CEOs as the company searches for a new CEO. Some other experts at Northland Capital Markets pointed out that a new CEO can mitigate Intel's foundry issues in the short term, but geopolitical issues around Taiwan are still expected to keep the U.S. Similarly, the value of the U.S. government support for the chipmaker. As consumers' tastes have shifted from PCs to other computing devices, Intel has found itself on the wrong side of the leaders versus challengers divide in a fiercely competitive semiconductor business. Shares of the company dropped a little below 1.5% to $21 after releasing the information.
