ASML Holding, arguably Europe’s most essential know-how firm, is popping to an insider to run the microchip-equipment making big.
ASML stated Christophe Fouquet, presently chief enterprise officer, will change into CEO in April after long-time chief Peter Wennink, who’s 66 years outdated, departs.
ASML additionally stated the position of chief know-how officer shall be eradicated as its present CTO, Martin van der Brink, won’t have his contract renewed.
Fouquet, 50, has been with the corporate for 15 years, and earlier than that was with Applied Materials
AMAT,
and KLA
KLAC,
“With Christophe, we have identified a very experienced leader with deep understanding of ASML’s technology and the semiconductor industry ecosystem – acquired through different roles at ASML and other companies – and the right leadership qualities and culture fit,” stated Chairman Nils Andersen.
An staff make his approach in a laboratory at ASML.
Agence France-Presse/Getty Image
Fouquet, in an interview posted to ASML’s investor website, stated “there should be no expectation that I will be turning the table.”
JPMorgan analyst Sandeep Deshpande referred to as Fouquet a “safe pair of hands.”
Wennink stated the choice to remove the CTO position was as a result of know-how is “not a one-man band.” Gianmarco Bonacina, an analyst at Equita, referred to as the transfer “odd.”
Meanwhile, for the primary time, ASML is making a chief buyer officer, a job that shall be stuffed by Jim Koonmen, who has been with the corporate since 2007.
Bonacina stated Fouquet might in time determine to alter ASML’s monetary targets, given the present wide selection of them. The final time ASML had a capital markets day was in Sept. 2022.
JPMorgan forward of the CEO announcement raised its goal value on ASML to €800 from €690 and stated the corporate is its prime European semiconductor decide.
ASML shares
ASML,
ASML,
slipped 1% to €624.
“With ASML guiding to a flat ‘24 in terms of revenue and with the risks of further U.S. restrictions now priced into the estimates (no major changes), the bear case on the stock is essentially over. The only risk that remains is if the key global economies were to go into recession due to the high interest rate environment,” stated the notice from JPMorgan’s Deshpande.
He identified that ASML might be provider for a number of new fab vegetation being constructed, by corporations together with Taiwan Semiconductor
TSM,
Intel
INTC,
and Samsung.
Source web site: www.marketwatch.com
