Microchip (MCHP) announced that Ganesh Moorthy is retiring as CEO, president and as a member of the board of directors in connection with his 65th birthday at the end of November. The board has appointed Steve Sanghi as interim CEO and president effective immediatyely. Sanghi will remain as chair of the board. “On behalf of the entire Board, we thank Ganesh for his service to Microchip over the past 23 years and we wish him well with his retirement. He has been a key member of our management team and served in many important roles during his tenure at Microchip including serving as President and CEO for the last four years during a very tumultuous cycle in our industry,” said Steve Sanghi. Mr. Sanghi continued, “I look forward to serving again as CEO and President to lead Microchip through this industry downturn and return the company to growth in revenue and profitability and enhance stockholder value.”
Don't Miss out on Research Tools:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on MCHP:
- Ex-Dividend Date Nearing for These 10 Stocks – Week of November 18, 2024
- Microchip releases PolarFire FPGA Ethernet Sensor Bridge
- Microchip announces portfolio of IGBT 7 devices
- Citi says ‘almost time to buy’ semiconductor stocks again
- Microchip price target lowered to $95 from $101 at Evercore ISI
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
