Two new directors are appointed by Intel as a CEO search is initiated.

• Intel appointed two new directors with extensive semiconductor manufacturing experience as the company intensifies its search for a new CEO to replace Pat Gelsinger.
• Intel has appointed former ASML CEO Eric Meurice and Microchip interim CEO Steve Sanghi to its board, effective immediately.

The company announced the appointment of two new directors with significant semiconductor manufacturing experience as the search process for Pat Gelsinger's replacement continues.

Intel has appointed former CEO Eric Meurice and interim CEO Steve Sanghi to its board, effective immediately. This move fills a void left by the departure of Cadence Design Systems Chairman Lip-Bu Tan in August, as both Meurice and Sanghi have semiconductor experience.

The company declined to disclose which committees the new directors would serve on and how the search process was conducted.

Gelsinger's firing was not the reason for Intel's search for new directors, as the company had been interviewing semiconductor executives for several weeks prior to his dismissal, according to sources.

Meurice ran ASML for eight years, during which the company's share price quintupled, according to Intel.

Sanghi was previously an executive at Intel and rejoined Microchip as interim CEO in November, after serving as CEO from 1991 to 2016.

Frank Yeary, interim Executive Chairman of Intel, stated that Eric and Steve are highly respected leaders in the semiconductor industry due to their deep technical expertise, executive experience, and operational rigor, making them valuable additions to the Intel board.

Intel appoints Sanghi and Meurice to its board after ousting Gelsinger over the weekend. The company is currently in the process of finding a replacement CEO with the help of an executive search firm. Despite the ongoing cost-cutting drive, Intel's market cap remains below $100 billion.

Currently, Intel has two interim co-CEOs, David Zinsner and MJ Holthaus, serving in the roles of Chief Financial Officer and Chief Product Officer, respectively.