Ganesh Moorthy Retiring as Chief Executive Officer and President of Microchip Technology Incorporated; Steve Sanghi Appointed as Interim Chief Executive Officer and President
Microchip Technology (NASDAQ: MCHP) announced that CEO and President Ganesh Moorthy is retiring in connection with his 65th birthday at the end of November. The Board has appointed Steve Sanghi as interim CEO and President, effective immediately, while maintaining his position as Board Chair. Moorthy served the company for 23 years, including the last four years as President and CEO. Sanghi expressed commitment to leading Microchip through the current industry downturn and focusing on returning the company to growth in revenue and profitability.
Microchip Technology (NASDAQ: MCHP) ha annunciato che il CEO e Presidente Ganesh Moorthy si ritirerà in occasione del suo 65° compleanno alla fine di novembre. Il Consiglio di Amministrazione ha nominato Steve Sanghi come CEO e Presidente ad interim, con effetto immediato, mantenendo nel contempo la sua posizione di Presidente del Consiglio. Moorthy ha servito l'azienda per 23 anni, inclusi gli ultimi quattro come Presidente e CEO. Sanghi ha espresso il suo impegno a guidare Microchip attraverso l'attuale crisi del settore e a concentrarsi sul ritorno della società alla crescita in termini di fatturato e redditività.
Microchip Technology (NASDAQ: MCHP) anunció que el CEO y Presidente Ganesh Moorthy se retirará en conexión con su 65 cumpleaños a finales de noviembre. La Junta ha nombrado a Steve Sanghi como CEO y Presidente interino, con efecto inmediato, mientras mantiene su puesto como Presidente de la Junta. Moorthy sirvió a la empresa durante 23 años, incluidos los últimos cuatro como Presidente y CEO. Sanghi expresó su compromiso de liderar Microchip a través de la actual crisis de la industria y de centrarse en devolver a la compañía el crecimiento en ingresos y rentabilidad.
마이크로칩 테크놀로지 (NASDAQ: MCHP)는 CEO이자 회장인 가네시 무르티가 11월 말 65세 생일과 관련하여 은퇴한다고 발표했습니다. 이사회는 즉각적으로 스티브 상기를 인터임 CEO 및 회장으로 임명하고, 이사회 의장직은 유지하기로 했습니다. 무르티는 회사에서 23년간 근무했으며, 그 중 최근 4년은 CEO 및 회장으로 일했습니다. 상기는 현재의 산업 침체를 극복하고 회사의 수익 및 수익성 성장에 집중하겠다는 의지를 밝혔습니다.
Microchip Technology (NASDAQ: MCHP) a annoncé que le PDG et président Ganesh Moorthy prendra sa retraite à l'occasion de son 65e anniversaire à la fin novembre. Le Conseil a nommé Steve Sanghi comme PDG et président par intérim, avec effet immédiat, tout en conservant son poste de président du Conseil. Moorthy a servi l'entreprise pendant 23 ans, dont les quatre dernières années en tant que président et PDG. Sanghi a exprimé son engagement à diriger Microchip à travers la baisse actuelle du secteur et à se concentrer sur le retour de l'entreprise à une croissance en chiffre d'affaires et en rentabilité.
Microchip Technology (NASDAQ: MCHP) gab bekannt, dass der CEO und Präsident Ganesh Moorthy im Zusammenhang mit seinem 65. Geburtstag Ende November in den Ruhestand tritt. Der Vorstand hat Steve Sanghi mit sofortiger Wirkung zum interimistischen CEO und Präsidenten ernannt, während er seine Position als Vorsitzender des Vorstands beibehält. Moorthy hat das Unternehmen 23 Jahre lang gedient, davon die letzten vier Jahre als Präsident und CEO. Sanghi erklärte, dass er sich verpflichtet fühle, Microchip durch die aktuelle Branchensituation zu führen und sich darauf zu konzentrieren, das Unternehmen wieder auf Wachstumskurs in Umsatz und Rentabilität zu bringen.
- Smooth leadership transition with experienced insider Steve Sanghi taking interim role
- Continuity in leadership as interim CEO is current Board Chair
- CEO departure during industry downturn period
- Company currently experiencing revenue and profitability challenges
- Temporary leadership structure with interim CEO appointment
CHANDLER, Ariz., Nov. 18, 2024 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that Ganesh Moorthy is retiring as Chief Executive Officer, 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 Chief Executive Officer and President effective today. Mr. 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.”
Cautionary Statement:
The statements contained in this release relating to leading Microchip through this industry downtown and returning the company to growth in revenue and profitability and enhance stockholder value are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in interest rates, high inflation, actions taken or which may be taken by the Biden administration or the current U.S. Congress or the incoming Trump administration or the new U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; the impact that the CHIPS Act will have on increasing manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.
For a detailed discussion of these and other risk factors, please refer to Microchip's filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip's website (www.microchip.com) or the SEC's website (www.sec.gov) or from commercial document retrieval services.
Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this November 18, 2024 press release, or to reflect the occurrence of unanticipated events.
About Microchip:
Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. The company's solutions serve approximately 116,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.
The Microchip logo and name are registered trademarks of Microchip Technology Incorporated.
INVESTOR RELATIONS CONTACT:
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