Ganesh Moorthy, the CEO of Microchip Technology, will leave its position after three years, and Chairman Steve Sanghi will take over.
According to a statement released by Microchip lately, Ganesh Moorthy will retire at the end of this month in honor of his 65th birthday.
During his 23-year tenure, Ganesh Moorthy held the position of chief operations officer. With immediate effect, Sanghi, who will continue to serve as chairman, assumes the roles of interim president and CEO.
Microchip’s revenue is expected to drop 40% this year due to a severe sales slump. Prior to Moorthy’s appointment in 2021, Sanghi, a veteran of the industry, was CEO. He promised to assist in turning the company around.
“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 is known a pioneer in producing chips for consumer electronics, automobiles, and other goods, has performed among the poorest this year in the Semiconductor Index of the Philadelphia Stock Exchange. In 2024, the shares are down 28%.
Earlier this year, the chipmaker situated in Chandler, Arizona, had a hack that caused its operations to slow down. In the meanwhile, it is scheduled to get financing from the US Chips and Science Act of 2022, which is a piece of legislation designed to support the domestic chip industry.
Microchip Technology recently released the new PIC64HX MPUs. It is equipped to address the growing demand for reliable, embedded solutions for mixed-criticality systems. The PIC64HX, in contrast to conventional MPUs, is specifically designed to meet the particular requirements of intelligent edge designs.
