Intel adds two new directors with CEO search underway

Intel on Thursday announced the appointment of two new directors with significant semiconductor manufacturing experience as the company ramps up the search process for ousted CEO Pat Gelsinger’s replacement.

Former ASML CEO Eric Meurice and Microchip Technology interim CEO Steve Sanghi will join Intel’s board effective immediately, the company said. Their appointments mean that Intel’s board once again has directors with semiconductor experience, fixing a vacuum left by the departure of Cadence Design Systems Chairman Lip-Bu Tan in August.

Intel declined to comment on what committees the two new directors would join and the nature of the search process. 

Intel’s search for new directors predated Gelsinger’s firing, according to people familiar with the matter. The company’s board had been interviewing semiconductor executives for several weeks, said the people, who requested anonymity to discuss confidential information freely.

Meurice ran ASML, which manufactures some of the most advanced chipmaking machines, for eight years. ASML’s share price quintupled during his tenure, Intel said.

Sanghi rejoined Microchip as interim CEO in November, after serving as CEO from 1991 to 2016. Sanghi was previously an executive at Intel.

“Eric and Steve are highly respected leaders in the semiconductor industry whose deep technical expertise, executive experience and operational rigor make them great additions to the Intel board,” interim Executive Chairman Frank Yeary said.

Sanghi and Meurice join Intel’s board at a critical juncture. The company ousted Gelsinger over the weekend and has since been assembling a short list of replacements with the help of an executive search firm. Intel’s market cap sits firmly below $100 billion, and the company is still in the middle of an intense cost-cutting drive.

Intel CFO David Zinsner and product chief MJ Holthaus currently serve as interim co-CEOs.