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ASML Holding, arguably Europe’s most important technology company, is turning to an insider to run the microchip-equipment making giant.
ASML said Christophe Fouquet, currently chief business officer, will become CEO in April after long-time chief Peter Wennink, who is 66 years old, departs.
ASML also said the role of chief technology officer will be eliminated as its current CTO, Martin van der Brink, will not have his contract renewed.
Fouquet, 50, has been with the company for 15 years, and before that was with Applied Materials
AMAT,
and KLA
KLAC,
“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 Chairman Nils Andersen.
An employees make his way in a laboratory at ASML.
Agence France-Presse/Getty Image
Fouquet, in an interview posted to ASML’s investor site, said “there should be no expectation that I will be turning the table.”
JPMorgan analyst Sandeep Deshpande called Fouquet a “safe pair of hands.”
Wennink said the decision to eliminate the CTO role was because technology is “not a one-man band.” Gianmarco Bonacina, an analyst at Equita, called the move “odd.”
Meanwhile, for the first time, ASML is creating a chief customer officer, a role that will be filled by Jim Koonmen, who has been with the company since 2007.
Bonacina said Fouquet may in time decide to change ASML’s financial targets, given the current wide range of them. The last time ASML had a capital markets day was in Sept. 2022.
JPMorgan ahead of the CEO announcement raised its target price on ASML to €800 from €690 and said the company is its top European semiconductor pick.
ASML shares
ASML,
ASML,
slipped 1% to €624.
“With ASML guiding to a flat ‘24 in terms of revenue and with the risks of further U.S. restrictions now priced into the estimates (no major changes), the bear case on the stock is essentially over. The only risk that remains is if the key global economies were to go into recession due to the high interest rate environment,” said the note from JPMorgan’s Deshpande.
He pointed out that ASML could be supplier for several new fab plants being built, by companies including Taiwan Semiconductor
TSM,
Intel
INTC,
and Samsung.
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