Intel Corporation ( INTC ) has appointed semiconductor industry veterans Eric Meurice and Steve Sanghi to its board of directors, the company announced Thursday, as it navigates through significant leadership transitions and market challenges.

What Happened: The appointments come days after CEO Pat Gelsinger‘s reportedly forced departure, due to the board’s frustration with his turnaround efforts.

Under Gelsinger’s leadership, Intel’s stock declined over 56% year-to-date as the company struggled to compete with rivals like NVIDIA Corp. ( NVDA ) and Taiwan Semiconductor Manufacturing Company ( TSM ) .

Meurice, who led ASML Holding NV ( ASML ) from 2004 to 2013, oversaw a five-fold increase in the company’s market value and established the Customer Co-Investment Program, which included Intel’s investment in next-generation lithography technologies.

Sanghi served as CEO of Microchip Technology Inc. ( MCHP ) for 30 years, during which the company achieved 121 consecutive profitable quarters and grew from a $10 million to $44 billion market value.

“Eric and Steve bring valuable perspectives as successful CEOs with proven track records,” said Frank Yeary, Intel’s interim executive chair, in the company’s press release.

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Why It Matters: Currently, Intel ( INTC ) is searching for a permanent CEO to replace Gelsinger. Recent reports suggest that former board member Lip-Bu Tan, known for his successful tenure at Cadence Design Systems Inc. ( CDNS ), is among the candidates being considered.

The appointments come as Intel ( INTC ) works to regain its competitive edge in the semiconductor industry, particularly in AI-centric computing, while managing its manufacturing transformation and foundry business development.

Price Action: Intel’s stock closed at $20.80 on Thursday, down 5.28% for the day. In after-hours trading, the stock gained 0.15%. Year-to-date, Intel’s stock has dropped by 56.49%.

According to data from Benzinga Pro, Intel ( INTC ) has a consensus price target of $30.23, with a high of $66 and a low of $20. The most recent ratings from BofA, Northland Capital Markets, and Mizuho suggest an average target of $24, implying a 15.22% upside.

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