Semiconductor equipment maker ASML Holding (NASDAQ:ASML) announced that CEO Peter Wennink will retire at the end of his decade-long tenure in April 2024. Also, its chief technology officer, Martin van den Brink, will retire on April 24, 2024. The board has appointed Christophe Fouquet, the company’s chief business officer, as the new CEO.
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Executive Changes at ASML
Fouquet’s appointment is subject to shareholder approval at the company’s annual meeting scheduled for April 2024.
Wennink has played an instrumental role in bringing ASML to its present glory. ASML stock has skyrocketed 304.6% during his ten-year stint as CEO. Meanwhile, Fouquet has also served the company for 15 years and Wennink believes he holds the same “ASML DNA” and values, which will help him steer the company successfully.
Dutch-based ASML is Europe’s largest tech company and a major supplier of lithography machines to Taiwan Semiconductor (NYSE:TSM), Samsung Electronics (GB:SMSN), and Intel Corp. (NASDAQ:INTC). These machines are used to manufacture the circuitry of the chips, the most crucial players in the dominant artificial intelligence (AI) age.
Are ASML Shares a Good Buy?
ASML plays an important part in the current AI economy, but it is also caught up in the crosshairs of the U.S.-China trade war. With four Buys versus one Hold rating, ASML stock has a Strong Buy consensus rating. Also, the average ASML Holdings price forecast of $721 implies 4.9% upside potential from current levels. Year-to-date, ASML stock is up 26.2%.
