(Bloomberg) — Microchip Technology Inc. Chief Executive Officer Ganesh Moorthy will step down after three years in the role, with Chairman Steve Sanghi returning to the position.
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Moorthy will retire in connection with his 65th birthday at the end of this month, Microchip said in a statement Monday. He was at the company for 23 years, including a stint as chief operating officer. Sanghi, who will remain chairman, becomes interim CEO and president effective immediately.
Microchip has been mired in a deep sales slump, with revenue projected to plunge 40% this year. Sanghi, a company veteran, served as CEO before Moorthy took the job in 2021 and vowed to help get the company back on track.
“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,” he said in the statement.
The company, which makes chips for cars, consumer devices and other products, has been one of the worst performers in the Philadelphia Stock Exchange Semiconductor Index this year. The shares are down 28% in 2024.
The Chandler, Arizona-based chipmaker also suffered a cyberattack earlier this year that slowed its operations. Meanwhile, it’s in line to get funding from the 2022 US Chips and Science Act, legislation intended to bolster the domestic chip industry.
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