VELDHOVEN — Peter Wennink, the outgoing CEO of ASML, is scheduled to retire in April 2024, handing control to Christophe Fouquet. The record shows that under Wennink’s leadership, the Dutch company transformed itself into the world’s sole supplier of extreme ultraviolet (EUV) lithography machines — equipment essential for manufacturing the most advanced semiconductor chips at 7 nanometers and below. According to the company’s financial disclosures, ASML’s revenue grew from €5.2 billion in 2013 to €21.2 billion in 2022.
By 2023, the company’s market capitalization had exceeded $250 billion. Officials confirmed that Wennink, who joined ASML in 1999 as chief financial officer and became CEO on July 1, 2013, oversaw this expansion.
Geopolitical Pressures and Export Controls
Wennink has navigated mounting geopolitical pressures. In 2019, the United States pressured the Dutch government to restrict EUV exports to China. The record shows that in July 2023, the Netherlands imposed additional export controls on deep ultraviolet (DUV) systems.
Wennink has warned that such export controls could harm the global chip industry, and he has described ASML’s technology as a strategic asset. The strategic context is clear: ASML’s lithography machines sit at the chokepoint of global semiconductor production.
Any restriction on their export to a major customer like China carries consequences not only for the company’s bottom line but for the entire supply chain of advanced electronics. According to the statement, Wennink has argued that the controls risk fragmenting the global chip industry.
Investment in Production Capacity
Wennink announced in 2023 that ASML would invest €1.6 billion in a new factory in Veldhoven to increase EUV production capacity. This investment signals the company’s intent to meet growing demand for advanced chips despite the regulatory headwinds. The factory expansion is expected to bolster ASML’s ability to deliver the machines that fabricators in Taiwan, South Korea, the United States, and Europe rely upon.
Born on February 27, 1957, in the Netherlands, Wennink earned a degree in accounting from the University of Amsterdam in 1982.
What to Watch Next
With Wennink’s retirement set for April 2024, the question now is how Christophe Fouquet will navigate the same geopolitical pressures that defined his predecessor’s final years in office. The export control regime is unlikely to ease, and ASML’s position as a strategic asset means the company will remain a focal point in the broader technology competition between the United States and China. Officials confirmed that the company’s investment plans and market position remain unchanged for now.
