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Intel Corp. will see the retirement of three board members—Omar Ishrak, Tsu-Jae King Liu, and Risa Lavizzo-Mourey—who will not seek reelection at the annual shareholder meeting on May 6, reducing the board to 11 members. This change follows the appointment of new independent directors and comes after CEO Lip-Bu Tan replaced Pat Gelsinger amid concerns over the company's recovery pace. Chairman Frank Yeary emphasized the need for a balanced mix of skills and expertise on the board.
Micron Technology's stock surged 2.47% in pre-market trading after securing over $6.1 billion for U.S. chip manufacturing, which is expected to create 20,000 jobs by the decade's end. The investment will fund advanced memory chip facilities in New York and Idaho, with an additional $275 million for expansion in Virginia, aimed at bolstering national security and the U.S. semiconductor supply chain. Despite recent challenges, including a pause in grant applications, Micron has a consensus price target of $145 from analysts.
Intel has strengthened its board by appointing semiconductor industry leaders Eric Meurice, former CEO of ASML, and Steve Sanghi, head of Microchip Technology. This move aims to enhance the company's experience and operational vigor as it seeks a new CEO. Both will serve as independent directors.
Intel has appointed former ASML CEO Eric Meurice and Microchip Technology interim CEO Steve Sanghi to its board as the company seeks a replacement for ousted CEO Pat Gelsinger. Their extensive semiconductor experience addresses a gap left by a previous board member's departure. Intel is currently in the midst of a cost-cutting initiative and has engaged an executive search firm to assist in finding Gelsinger's successor.
Microchip Technology Inc. CEO Ganesh Moorthy will retire at the end of the month, coinciding with his 65th birthday, after three years in the role and 23 years with the company. Chairman Steve Sanghi will return as interim CEO and president while continuing his role as chairman.
Steve Sanghi
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Intel board members retire ahead of annual shareholder meeting
Intel Corp
USA
Frank Yeary
Patrick P. Gelsinger
Omar Ishrak
Tsu-Jae King Liu
Lip-Bu Tan
Steve Sanghi
Eric Meurice
Risa Lavizzo-Mourey
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05:00 30.03.2025
micron technology secures 6.1 billion investment boosting us chip manufacturing
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NVIDIA Corporation
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Intel Corporation
Micron Technology, Inc.
ASML Holding N.V.
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Steve Sanghi
Kamala Harris
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13:54 10.12.2024
Intel Strengthens Board with Microchip and Former ASML Leaders
Microchip Technology Inc
Intel Corporation
ASML Holding N.V.
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Eric Meurice
Steve Sanghi
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17:17 05.12.2024
Intel Appoints New Directors Amid Ongoing CEO Search and Cost-Cutting Efforts
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Intel
Microchip Technology Inc
Cadence Design Systems, Inc.
ASML
TWN
USA
Eric Meurice
Steve Sanghi
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15:06 05.12.2024
microchip technology ceo ganesh moorthy steps down chairman steve sanghi returns
22:55 18.11.2024
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