ASML chief Peter Wennink to step down

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Peter Wennink, chief executive of chipmaking equipment manufacturer ASML, will step down in April after more than a decade at the helm of Europe’s most valuable tech company.

ASML’s board has appointed Christophe Fouquet, a chip industry veteran who is now chief business officer, as Wennink’s replacement, the group said on Thursday.

Martin van den Brink, ASML’s technology chief and co-president alongside Wennink, will also retire next spring after almost 40 years at the Dutch company.

The management changes come as ASML — whose sophisticated lithography machines are vital to the production of cutting-edge chips at manufacturers such as Taiwan Semiconductor Manufacturing Company and Samsung Electronics — has been grappling with the semiconductor industry’s slowdown and sanctions limiting its shipments to China.

Shares in ASML have risen close to 14 per cent in the past year to value the Veldhoven-based company at about €250bn.

Since Wennink was promoted from chief financial officer to lead the company in 2013, the group’s market capitalisation has increased by more than 850 per cent, as he presided over the introduction of the latest generation of chipmaking gear. Its lithography machines use extreme ultraviolet (EUV) light to etch circuits on to silicon wafers, enabling ever smaller transistor designs that make for more powerful chips.

More recently, Wennink’s role has become focused on political matters, as ASML, whose equipment is essential for the most advanced chips, has become caught up in US-China tensions over access to critical technology.

Fouquet, a French national, joined ASML in 2008 after working at US chip equipment suppliers KLA-Tencor and Applied Materials. Until last year he led ASML’s EUV business after holding roles in marketing and product management.

“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,” said Nils Andersen, chair of ASML’s supervisory board.

Wennink said he was “very pleased that we have been able to secure such a strong successor”.

Fouquet said he was “excited and honoured” to become CEO. “ASML has built a strong and unique position in the semiconductor market over the years under the leadership of Peter and Martin,” he said. “We have a clear strategy and a great team, and I look forward to building on this solid foundation in the coming years.”

Fouquet’s appointment is subject to shareholder approval at the company’s next annual meeting on April 24.