Microchip Technology Inc. CEO Ganesh Moorthy to step down, Steve Sanghi to take over

Microchip Technology Inc. CEO Ganesh Moorthy will reportedly step down after three years in the job, with Chairman Steve Sanghi returning to the position. Moorthy will turn 65 later this month and retire on Monday. He has been with the company for 23 years, having served as COO. Sanghi will remain as chairman and immediately serve as interim CEO and president. Microchip has been caught in a severe sales slump, with revenue expected to plunge 40% this year. Sanghi, a company veteran, served as CEO before Moorthy took over in 2021 and vowed to help the company get back on track.