Microchip’s Moorthy to Leave as CEO, With Chairman Retaking Role

Microchip Technology Inc. Chief Executive Officer Ganesh Moorthy will step down after three years in the role, with Chairman Steve Sanghi returning to the position.

Moorthy will retire in connection with his 65th birthday at the end of this month, Microchip said in a statement Monday. He was at the company for 23 years, including a stint as chief operating officer. Sanghi, who will remain chairman, becomes interim CEO and president effective immediately.

Microchip has been mired in a deep sales slump, with revenue projected to plunge 40% this year. Sanghi, a company veteran, served as CEO before Moorthy took ...