Sanghi takes the reins as Moorthy steps down at Microchip

Steve Sanghi, Chair of the Board, steps in as interim Chief Executive Officer and President effective immediately.

Moorthy’s departure coincides with his 65th birthday at the end of November.

Moorthy's retirement marks the end of a 23-year tenure with Microchip, including four years as CEO and President. During his leadership, he navigated the company through significant industry fluctuations. "We thank Ganesh for his service to Microchip over the past 23 years," said Steve Sanghi. "He has been a key member of our management team and served in many important roles during his tenure at Microchip."

Sanghi, who will continue as Chair of the Board while serving as interim CEO and President, expressed his commitment to steering the company through the current industry downturn.

"I look forward to leading Microchip to return the company to growth in revenue and profitability and enhance stockholder value," he stated.

Earlier this month, Microchip reported Q2 net sales of $1.164 billion, down 6.2% sequentially and down 48.4% from the year ago quarter.

Said Moorthy, "For the December quarter, we expect net sales between $1.025 billion and $1.095 billion. While substantial inventory destocking has occurred, we continue to face macro uncertainties in what is historically our seasonally weakest quarter. Our design-in momentum continues to remain strong, driven by our Total System Solutions strategy andkey market megatrends.”