ASML (ASML.AS), a company valued at $278 billion, holds a pivotal position within the global chipmaking industry. In an announcement on Thursday, the Dutch conglomerate disclosed the retirement of Chief Executive Officer Peter Wennink, who has led the company for a decade. His successor, Christophe Fouquet, presently serving as the Chief Business Officer, is slated to assume the leadership role in April.
Wennink’s tenure at ASML has been marked by remarkable success. Headquartered in Veldhoven, the company commands a dominant position in the market for lithography equipment, a critical component in manufacturing microchips powering various devices, from smartphones to automobiles. ASML has experienced an exponential surge in revenue, quadrupling since Wennink assumed leadership in July 2013. Shareholders have witnessed an impressive 1,000% total return during this period. As of current data from LSEG, ASML’s stock is trading at a premium valuation of 32 times this year’s earnings.
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