Microchip CEO Ganesh Moorthy to retire

Microchip (MCHP) announced that Ganesh Moorthy is retiring as CEO, president and as a member of the board of directors in connection with his 65th birthday at the end of November. The board has appointed Steve Sanghi as interim CEO and president effective immediatyely. Sanghi will remain as chair of the board. “On behalf of the entire Board, we thank Ganesh for his service to Microchip over the past 23 years and we wish him well with his retirement. He has been a key member of our management team and served in many important roles during his tenure at Microchip including serving as President and CEO for the last four years during a very tumultuous cycle in our industry,” said Steve Sanghi. Mr. Sanghi continued, “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.”