- Push-out Score determined
- After around 29 years in the position
- Accolades and praise for Sanghi
- Ganesh Moorthy taking over
- Sanghi will remain as Executive Chair at Microchip Technology
- Sanghi made a lengthy statement and said 217 words
(exechange) — Chandler, Arizona, November 5, 2020 — Steve Sanghi, chief executive of Microchip Technology, leaves his position. As announced by Microchip Technology Inc. in a news release and in a regulatory filing published on Thursday, November 5, 2020, Steve Sanghi leaves his post as chief executive officer of the manufacturer of microcontroller, mixed-signal, analog and Flash-IP integrated circuits after around 29 years in the role, effective March 1, 2021.
It is the end of an era.
Steve Sanghi’s duties as CEO will be taken over by Ganesh Moorthy, currently President and Chief Operating Officer of Microchip Technology Inc.
“Now is the time to hand over the reins”
Steve Sanghi’s departure from the CEO post is explained as follows. Sanghi said: “I believe that now is the time to hand over the reins to Ganesh as my successor.”
Sanghi will remain as Executive Chair at Microchip Technology
“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 Technology said.
“Transition”
Microchip Technology said: “Steve Sanghi, the current Chief Executive Officer and Chair of the Board of Directors of the Company (the “Board”) will transition to an Executive Chair role effective March 1, 2021.”
Share price increase since November 2015
The announcement follows an increase in Microchip Technology Inc.’s share price of 132% since November 2015.
In the position of CEO since 1991
Steve Sanghi became CEO of the Company in 1991.
Steve Sanghi has served as Chief Executive Officer since October 1991, and as Chairman of the Board since October 1993.
He served as President from August 1990 to February 2016 and has served as a director since August 1990.
Sanghi served on the Board of Directors of Myomo, Inc., a publicly traded commercial stage medical robotics company that offers expanded mobility for those suffering from neurological disorders and upper-limb paralysis, from November 2016 through October 2019.
Sanghi served on the Board of Directors of Mellanox Technologies Ltd., a publicly traded supplier of end-to-end Ethernet and InfiniBand intelligent interconnect solutions and services for servers, storage, and hyper-converged infrastructure, from February 2018 through April 2020.
Sanghi holds an M.S. degree in Electrical and Computer Engineering from the University of Massachusetts and a B.S. degree in Electronics and Communication from Punjab University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Microchip Technology and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2020 ($).