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ASML CEO to step down in July

Peter Wennink will succeed Eric Meurice.

The Dutch technology group ASML Holding has said that its chief executive Eric Meurice will step down on 1 July 2013. Meurice was the company’s president and CEO since October 2004.

Peter Wennink, CFO of the company, will succeed Meurice, who will become chairman of ASML board.

Jos Versteeg, an analyst at Theodor Gilissen, told the Financial Times: “Nine years ago ASML had a very good story about why they chose Eric Meurice. Peter Wennink is a very good CFO, but I’m a little puzzled why they chose him [to become chief executive].”

Wennink will continue to serve as interim CFO until a replacement is found.

For the first-quarter of 2013, SML posted a net profit of €96m and revenues of €892m. Earnings before interest and tax were €107m, an year on year decrease of 66 per cent.

Wennink said that low sales of the company’s machines for manufacturing memory chips on declining demand for traditional computers, which was only partially compensated by rising sales of logic chips. Wennink said: “PCs are down because they’re cannibalised by tablets. Throughout the rest of 2013, logic customers will be strong and memory will be lower than average.”

ASML, which expects sales to rise to €1.1bn in the second-quarter of 2013, is planning to ship the first two systems of its next-generation extreme ultraviolet technology in 2013.

Meanwhile, ASML shares grew by 8.62 per cent to €55.68 in morning trading on the Amsterdam exchange.