(Bloomberg) -- Intel Corp., the embattled chipmaker seeking a new chief executive officer, added two semiconductor industry veterans to its board in a move the company said would bring “experience and operational vigor.”
Former ASML Holding NV CEO Eric Meurice and Microchip Technology Inc. head Steve Sanghi have been appointed to the board, effective immediately, Intel said in a statement Thursday. They will serve as independent directors, the company said.
They join Intel during the biggest crisis in the history of the 56-year-old chipmaker. Once the dominant company in the semiconductor industry, Intel is fighting to restore its technological edge. It also was broadsided by the swift rise of artificial intelligence computing — a frenzy that turned Nvidia Corp. into the world’s most valuable business.
Frustrated with a lack of progress, Intel’s board pushed out CEO Pat Gelsinger this week and began a search for a new leader. But the company has said that it’s sticking with his strategy, which centers on turning Intel into a major foundry — a maker of chips for outside customers.
Meurice ran ASML from 2004 to 2013, helping turn the Dutch company into a leader in semiconductor equipment — specifically, the extreme ultraviolet lithography gear that has become integral to modern chipmaking.
Sanghi, meanwhile, is working on his own comeback plan at Microchip. He returned as CEO of that company last month after it fell into a steep sales slump.
“Eric and Steve are highly respected leaders in the semiconductor industry,” Frank Yeary, who is serving as Intel’s interim executive chair, said in Thursday’s statement. “As successful CEOs with proven track records of creating shareholder value, they will bring valuable perspectives to the board.”
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