04:40 PM EST, 11/18/2024 (MT Newswires) -- Microchip Technology ( MCHP ) said late Monday that Chief Executive and President Ganesh Moorthy is retiring.

The company said its board appointed Steve Sanghi as interim CEO and president, effective immediately.

Sanghi will remain as chair of the board, the company said.

Shares of the company fell 1.1% in recent after-hours activity.

Price: 64.55, Change: -0.70, Percent Change: -1.07