Intel adds two new directors with CEO search underway

Core Insights - Intel has appointed two new directors, Eric Meurice and Steve Sanghi, to its board, both of whom have significant semiconductor manufacturing experience [2][4] - The appointments aim to fill a gap in semiconductor expertise on the board following the departure of Lip-Bu Tan [2][5] - The search for new directors began prior to the ousting of former CEO Pat Gelsinger, indicating a proactive approach by the company [3] Group 1: New Appointments - Eric Meurice, former CEO of ASML, brings extensive experience in advanced chipmaking, having led ASML during a period when its share price quintupled [3][4] - Steve Sanghi, who has a long history with Microchip and previously worked at Intel, rejoined as interim CEO in 2024 [4][5] - Both directors are seen as valuable additions due to their technical expertise and operational experience in the semiconductor industry [4] Group 2: Company Context - The board is currently in the process of searching for a replacement for ousted CEO Pat Gelsinger, with the assistance of an executive search firm [5] - Intel's market capitalization is currently below $100 billion, and the company is undergoing a significant cost-cutting initiative [5] - Interim co-CEOs David Zinsner and MJ Holthaus are currently leading the company during this transitional period [6]