Intel Appoints Meurice and Sanghi to Board

Intel has appointed Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology, to its board as the company seeks to recover from the recent ouster of CEO Pat Gelsinger. Both new board members bring extensive experience in the semiconductor industry, with Meurice having led ASML through significant growth and Sanghi overseeing Microchip during challenging market conditions. Intel's market value has dwindled to over 30 times smaller than rival Nvidia, highlighting its struggles in advanced chipmaking, particularly in AI technologies. Gelsinger's departure stemmed from a lack of confidence in his strategy that involved heavy investments in expanding manufacturing capabilities. The search for a new CEO is underway, focusing on candidates with both manufacturing and product expertise. Interim co-CEOs David Zinsner and Michelle Johnston Holthaus are currently steering the company during this transition.