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    Steve Sanghi

    Interim CEO and President at Microchip Technology Inc
    Board
    Since November 18, 2024
    Age
    69 years
    Education
    Holds an M.S. degree in Electrical and Computer Engineering from the University of Massachusetts and a B.S. degree in Electronics and Communication from Punjab University.
    Tenure
    Joined Microchip Technology in August 1990, served as President, CEO from October 1991 to March 2021, held the role of Chair of the Board, and returned as Interim CEO and President on November 18, 2024.

    Also at Microchip Technology Inc

    JEB
    J. Eric Bjornholt
    Senior Vice President and CFO
    RJS
    Richard J. Simoncic
    Chief Operating Officer

    About

    Steve Sanghi has built a reputation as a transformative leader with deep roots in the semiconductor industry, demonstrating steadfast dedication over a multi-decade career at Microchip Technology Incorporated. His leadership is marked by his ability to navigate through periods of rapid growth, operational challenges, and evolving market conditions, reflecting both strategic foresight and resilience.

    Throughout his extensive career, he has assumed critical roles—not only as President and CEO but also as Chair of the Board—thereby shaping the company’s strategic direction and driving its success over decades. His recent return as Interim CEO and President underscores his commitment to revitalizing the business during challenging times and his readiness to implement decisive turnaround measures.

    In addition to his influential work at Microchip, his service on the boards of other publicly traded companies further illustrates his broad impact on the technology sector. His career is characterized by a blend of technical expertise, strategic vision, and a passion for innovation that continues to inspire confidence in the industry.

    $MCHP Performance Under Steve Sanghi

    Past Roles

    OrganizationRoleDate RangeDetails
    Microchip Technology Inc. (MCHP)Executive ChairMarch 2021 - August 2024 Held the role of Executive Chair prior to becoming Interim CEO and President
    Microchip Technology Inc. (MCHP)Chair of the BoardOctober 1993 - March 2021 Served as Chair of the Board before stepping down in March 2021 (resumed in August 2024)
    Microchip Technology Inc. (MCHP)CEOOctober 1991 - March 2021 Led the company as Chief Executive Officer until March 2021
    Microchip Technology Inc. (MCHP)PresidentAugust 1990 - February 2016 Served as President until February 2016

    External Roles

    OrganizationRoleDate RangeDetails
    Impinj, Inc.Board ChairJune 2022 - Present Elected to the Board in March 2021 and assumed the Board Chair role in June 2022

    Fixed Compensation

    Data from  FY 2024
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$398,678 Fiscal Year 2024 Base salary earned in fiscal 2024
    401(k) Contributions$8,214 Fiscal Year 2024 Company-matching contributions to retirement plan
    Life Insurance Premiums$7,518 Fiscal Year 2024 Premiums paid by Microchip for coverage

    Performance Compensation

    Data from  FY 2024

    Performance-Based RSUs (PSUs)

    Parameter [Unit]April 3, 2023July 5, 2023
    Target Shares7,150 shares 6,688 shares
    Maximum Shares14,300 shares 13,376 shares
    Grant Date Fair Value$935,942 $887,551
    Grant Date Stock Price$78.61 per share $80.23 per share
    Performance MetricNon-GAAP operating income as % of net sales over 12 quarters Non-GAAP operating income as % of net sales over 12 quarters
    Vesting ScheduleVesting based on achievement of performance criteria over a 12-quarter period Vesting based on achievement of performance criteria over a 12-quarter period
    Payout Range0% to 200% of target shares 0% to 200% of target shares

    Additional Details

    • Performance Compensation Components: The PSUs represent the performance-based component of Steve Sanghi's equity awards for fiscal 2024.
    • Evaluation Period: The performance is evaluated over a 12-quarter (3-year) period tied to non-GAAP operating income as a percentage of net sales.
    • Thresholds/Targets and Weights: Specific performance thresholds or detailed targets beyond the earnings metric are not explicitly provided in the documents.
    • Other Considerations: Payment outcomes can range from receiving no shares up to 200% of the target number, depending on performance achievement.