Press release
Microchip Technology Announces CEO Transition
CHANDLER, Ariz., Nov. 05, 2020 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected and secure
About this update from Microchip Technology Incorporated
[{"type":"text","content":"CHANDLER, Ariz., Nov. 05, 2020 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected and secure embedded control solutions, today announced that its long serving CEO Steve Sanghi will transition to an Executive Chair role effective March 1, 2021. Microchip’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.\n “Leading Microchip for the last 30 years has been the greatest privilege of my 42 years in the semiconductor industry” said Mr. Sanghi. “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 $60 million and it was losing about $10 million per year. Mr. Sanghi led the turnaround of Microchip and later documented this in his book “Driving Excellence, How the Aggregate System Turned Microchip from a Failing Company to a Market Leader.” 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 $89 million and a market capitalization of $85 million. In the last 27 years as a public company, Microchip’s net sales grew to $5.2 billion and its market capitalization grew to $28 billion. Today, Microchip produces industry leading gross and operating margins. Since its IPO, Microchip’s stock price has grown 20,000% excluding dividends. Microchip has also completed its 120th consecutive quarter of profitability on a non-GAAP basis. 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. Microchip has also been an industry consolidator, having acquired about 20 companies...