ASML CEO Wennink's Exit Leaves US-China Semiconductor Fight to Successor [BNN Bloomberg (Canada)]
Intel Corporation (INTC)
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Source: BNN Bloomberg
On Wednesday, he retires from the helm of Europe's most valuable technology company. Wennink, 66, transformed ASML into a key player in the geopolitical struggle between the US and China and the only source of machinery needed to make the world's most advanced semiconductors. Now his successor Christophe Fouquet, previously ASML's chief business officer, will have to navigate the complex relationship that has put the company's Chinese exports in the crosshairs of both the Biden and Trump administrations. Wennink's success, fueled by the introduction of the company's state-of-the-art extreme ultraviolet lithography systems in 2016, boosted ASML's value from €27 billion ($29 billion) to €333 billion, more than twice that of its client Intel Corp. “Peter has been a part of an extraordinary journey where the company overtook its Japanese competitors with the launch of the Twinscan, cemented that leadership with immersion and then developed an unassailable lead with EUV,” Jefferies
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