Intel is adding two experienced leaders to its board as it searches for a new CEO and tries to recover from recent struggles in the chip industry. The company removed Pat Gelsinger as CEO earlier this week.

The new board members are Eric Meurice and Steve Sanghi. Both have worked in the chip industry for many years and even have previous experience at Intel. Meurice was the CEO of ASML, a company known for advanced chipmaking tools, and Sanghi was the long-time CEO of Microchip Technology.

Intel has fallen behind competitors like Nvidia in designing AI chips and TSMC in making smaller, faster semiconductors. Gelsinger’s efforts to restore Intel’s position with expensive manufacturing investments have not paid off, leaving the company much smaller in value compared to Nvidia.

Intel is now looking for a new CEO who understands both manufacturing and product development. Industry experts believe this move, along with the addition of Meurice and Sanghi, could help Intel regain its position in the competitive chip market.

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