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Microchip Technology announces CEO Transition
Microchip Technology says that its long serving CEO Steve Sanghi will transition to an Executive Chair role effective March 1, 2021.
The company's current President, Ganesh Moorthy, will step into the role of President and CEO effective March 1, 2021. Mr. Moorthy will also join the Board of Directors effective January 4, 2021. “Leading Microchip for the last 30 years has been the greatest privilege of my 42 years in the semiconductor industry” says Mr. Sanghi, in a press release. “I believe that now is the time to hand over the reins to Ganesh as my successor. I will continue in the role of Executive Chair and continue to participate in the strategic direction and growth of Microchip. At the same time, I will create more time to spend with my family and grandchildren.” Mr. Sanghi joined Microchip in February 1990 as Senior Vice president of Operations and was promoted to President to lead the company in July 1990. Microchip’s sales then were about USD 60 million and it was losing about USD 10 million per year. Mr. Sanghi is currently the longest tenured CEO in the semiconductor industry. Under Mr. Sanghi’s leadership, Microchip went public in March 1993 with annual sales of USD 89 million and a market capitalization of USD 85 million. In the last 27 years as a public company, Microchip’s net sales grew to USD 5.2 billion and its market capitalization grew to USD 28 billion. During his tenure, Microchip transformed from a small company focused on non-volatile memory products to an embedded solutions powerhouse with a broad and innovative range of solutions, as well as leadership positions in the Industrial, Datacenter, Automotive, Communications, Consumer and Aerospace and Defense markets. “I am delighted to announce that Ganesh Moorthy will become Microchip’s next CEO as we continue to pursue the significant opportunities ahead of us. I have known Ganesh for 39 years since hiring him as a new college graduate at Intel in 1981. He has a demonstrated track record of success and our proven partnership over the last 19 years at Microchip makes him my logical successor,” says Mr. Sanghi. Mr. Moorthy joined Microchip in 2001 and served as the Vice President of multiple business units. In 2006, he was promoted to Executive Vice President with expanded business unit and manufacturing responsibilities; and assumed the role of Chief Operating Officer in 2009. Mr. Moorthy has served as President and Chief Operating Officer from February 2016, and since then, he and Mr. Sanghi have jointly led Microchip. “It has been an honor and a privilege to have been part of Microchip's elite leadership team over the last 19 years. I am humbled, excited and energized to lead the next chapter of Microchip’s growth and success, while fully recognizing that the foundation of our success is our strong culture and the selfless teamwork of our over 18,000 global team members," said Ganesh Moorthy.
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