Intel Corp (NASDAQ:INTC, ETR:INL) has added two technology heavyweights to its board of directors to firm up the senior leadership at the struggling chipmaker.
The new board additions are Eric Meurice, former chief executive of Dutch semiconductor machinery titan ASML Holding NV (NASDAQ:ASML), and Steve Sanghi, the currency chairman and interim chief executive officer of Microchip Technology Inc (NASDAQ:MCHP).
“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,” said Intel’s interim executive chair Frank Yeary.
“As successful CEOs with proven track records of creating shareholder value, they will bring valuable perspectives to the board as the company delivers on its priorities for customers in Intel Products and Intel Foundry, while driving greater efficiency and improving profitability,” Yeary added.
Intel’s leadership was thrown into disarray this week when now-former chief executive Pat Gelsinger announced his departure after less than four years in the role.
Gelsinger was brought on in 2021 in an effort to steer Intel into a new age of microchip manufacturing.
Genlsinger sought to upgrade Intel’s chip manufacturing capabilities to attract blue-chip clients away from incumbent leaders like TSMC and Samsung.
However, Intel has failed to capture any substantial client contracts despite receiving billions of dollars in state aid under outgoing president Joe Biden’s CHIPS Act.
Intel’s future is uncertain as it strives to find a place of relevance in the new age of computing, having been left in the dust as its competitors steam ahead with new cutting-edge artificial intelligence applications.
Intel shares dipped another 4% this Thursday, bringing year-to-date losses above 56%.