Microchip said Ganesh Moorthy retired as Chief Executive Officer and President and from the Board of Directors on November 18, 2024, and the Board elected former Chief Executive Officer and President Steve Sanghi as interim Chief Executive Officer and President.

1. 01

   Microchip said Ganesh Moorthy retired as Chief Executive Officer and President and from the Board of Directors on November 18, 2024, and the Board elected former Chief Executive Officer and President Steve Sanghi as interim Chief Executive Officer and President.

2. 02

   The company said Steve Sanghi, 69, will continue to serve as Chair of the Board. The company said he served as Executive Chair from March 2021 to August 2024 and as Chief Executive Officer from October 1991 to March 2021.

3. 03

   Microchip said the Compensation Committee approved an annual base salary of $957,443 for Steve Sanghi and a Management Incentive Compensation Plan participation level of 200% of his base salary. The company said his base salary payments will be reduced by 20% under the executive officer salary reduction program.

4. 04

   Microchip said Ganesh Moorthy will receive salary continuation and employee benefits for 12 months in connection with his retirement, and his previously granted RSUs will continue vesting for 12 more months. The company said the Board voted to reduce its size from 7 directors to 6 directors.

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