An era of ASML is over, and a new CEO has officially taken office

Semiconductor Industry Observations

2024-04-25 17:05Posted on the official account of Anhui Semiconductor Industry Observation

According to the latest reports, ASML has approved the appointment of Christophe Fouquet as the company's new CEO.

On Wednesday, Fouquet, 50, was inaugurated as CEO of Europe's largest technology company at ASML's annual meeting in Veldhoven, the Netherlands. "I'm very happy...... To be able to write a new chapter for ASML and continue to create tremendous value for our shareholders. Fouquet, who was appointed to the role in November, is a 15-year veteran of the company and previously led its top-of-the-line "EUV" product line.

He succeeds retiring CEO Peter Wennink, who has led the company since 2014, during which time the company's share price has risen more than tenfold and become Europe's largest tech company with a market capitalization of more than €300 billion ($320 billion).

"People have been telling me for the last few months, 'You're going to retire in the heyday of the company,'" Wennink said. "Nope. We're not even in the middle yet. ”

It is worth mentioning that Wennink's retirement coincided with the retirement of Martin van den Brink, ASML's chief technology officer. ASML says their visionary leadership has guided the company's growth and innovation.

The key China business, Wennink spoke before parting

Frenchman Christophe Fouquet, who took over the Dutch chip giant ASML on Wednesday, has laid out a list of daunting tasks, the first of which will be to steering business with China at a time when semiconductors have become a geopolitical battleground.

ASML's strategic importance in manufacturing ultra-thin microchip machines powers many of the world's advanced technologies, making it play a role far beyond the commercial realm. Since the Western powers, led by the United States, have banned China from acquiring such technology, Fouquet will have to navigate choppy political waters.

Analysts don't expect a radical shift at ASML under Fouquet – after 16 years with the company, he's a serial candidate to succeed current CEO Peter Wennink.

“不要指望我会扭转局面。 我认为我们多年来一直在努力的事情仍然是我们希望通过 ASML 实现的目标，”Fouquet 在被任命时说道。 （原文："There should be no expectations that I will be turning the tables. I think that what we have been working on for many, many years is still what we want to achieve with ASML," ）

In the company video, Winnick affectionately pats his arm and says of his 50-year-old successor: "He has been with the company for a long time and he knows all of our customers, suppliers, employees and shareholders. ”

"He was a man who was widely recognized. ”

Born in 1973, Fouquet studied physics in the southeastern French city of Grenoble, which gave him the strong theoretical skills needed to run a well-known tech company like ASML.

After a stint at semiconductor companies KLA Tencor and Applied Materials, he joined ASML in 2008 in a variety of roles in marketing and product management. Fouquet has spent years running the company's EUV (extreme ultraviolet) cutting-edge machines program, which produce ultra-thin chips that are critical to the development of artificial intelligence.

Since 2022, he has been a key right-hand man to Wennink, serving as Vice President and Chief Commercial Officer.

"Insider Christophe Fouquet is the continuity of the flesh," says the specialized publication Bits&Chips. "The Frenchman knows both the company and the industry inside out. ”

Simon Coles, an ASML analyst at Barclays, told AFP: "I don't expect the direction to change. The new CEO has helped shape and plan the current strategy, so we expect it to continue. ”

Fouquet's biggest concern is China. In January, the Dutch government revoked the licenses for some of ASML's advanced machines, sparking outrage in Beijing. ASML's latest quarterly results showed that China accounted for 49% of sales, but overall orders were weaker-than-expected, triggering a plunge in the stock price.

Fouquet has previously said that decoupling the industry's supply chain is "extremely difficult and extremely expensive".

He told the financial news outlet Nikkei Asia last year: "Sooner or later, people will realize that the only way to succeed in semiconductors is through collaboration." "The idea that we can go back to a little dark corner and do it all alone could well be a very challenging concept. ”

即将卸任首席执行官Peter Wennink 周三表示，美国政府将在某些情况下阻止该公司对之前出售给中国客户的部分机器进行维修。 Peter Wennink 表示，此类限制“不会对 2025 年至 2030 年的财务状况产生重大影响，因为受影响的中国工厂数量有限”。 （原文：The outgoing chief executive of top semiconductor equipment supplier ASML said on Wednesday that the U.S. government will prevent the company from servicing some machines it has previously sold to Chinese customers in some cases.）

ASML, the largest manufacturer of equipment for manufacturing computer chips, faced a series of restrictions and licensing requirements from the U.S. and Dutch governments when selling its line of more advanced devices to Chinese customers.

The restrictions are part of Washington's efforts to slow and weaken China's ability to make its own chips. In April, the U.S. government began pressuring the Dutch government to prevent ASML from servicing some of the equipment in the multibillion-euro worth of tools it has already sold to customers in China, including devices that in some cases have already been approved for export or sold before the new restrictions are introduced in 2023.

By 2023, China will be ASML's second-largest market by sales, with about 20% of the company's global revenue coming from servicing its installed tool base. While the Netherlands oversees its own export policy and ASML says it expects to continue serving "most" Chinese customers by the end of the year, Winnick said this is not always the case. "We can provide them with services, but we can't use U.S.-made parts and components that are export-controlled from the U.S.," Winnick said. ”（"We can service them, but not with U.S. content, with spare parts that come out of the U.S. that are under export control," Wennink said.）

The U.S. regulations cover the portion of ASML's product line known as "immersion" deep ultraviolet (DUV) lithography tools.

"But that's only for a limited number of systems. But we can install them. Anything else we sell, we can install, we can provide services," Winnick said.

Staying in the Netherlands?ASML also has a plan B

For the new CEO Fouquet, he will also inevitably be embroiled in a domestic political debate about the future of ASML's headquarters in Feldhofen, which is considered the "Silicon Valley" of the Netherlands.

After far-right leader Geert Wilders won the election for promising to stop immigration, Winnick angered people by warning that ASML might look elsewhere if it couldn't find talented immigrant employees.

The Dutch government then launched Operation Beethoven, a €2.5 billion ($2.6 billion) charm offensive aimed at keeping companies like ASML in the Netherlands.

"ASML is our (Argentine striker Lionel) Messi, and such a star player brings the whole team," Dutch Economy Minister Micky Adriansens said when introducing the program. Despite growing Dutch protests against expatriates encroaching on housing in the crowded Netherlands, the company and the surrounding area of Veldhoven are exploring plans to house around 20,000 employees in the area.

Supported by plans of more than $2 billion in the Netherlands, the company's chief financial officer, Roger Dassen, said at a shareholder meeting that ASML wants to expand in the Veldhoven and Eindhoven regions over the long term. The City of Eindhoven and ASML signed a letter of intent last Monday that will make the expansion possible, creating around 10,000 jobs. "This letter of intent is the result of a long and deliberate process of our choice. It shows that we want to expand here for the long term. ”

After the announcement, the Dutch cabinet will definitely breathe a sigh of relief. When reports went viral that one of the world's most coveted companies was seeking to relocate, the national government was in an embarrassment. ASML has never threatened to leave the Netherlands, but it did say it is considering expanding overseas. "We'd rather do it here. But if we can't do it here, we'll do it somewhere else," outgoing CEO Peter Wennink said in January.

ASML is unhappy with the cuts in the expatriate tax deduction and the imposition of a share buyback tax. Plans to curb the influx of foreign students, as well as more broadly, have also run into sore spots. These concerns have not yet been addressed, but Dassen hinted in the Dutch newspaper Eindhoven Zeitung that a solution is being developed. Things are "moving in the right direction," he said.

Minister of Economic Affairs Micky Adriaansens is pleased with ASML's intention to expand near its headquarters. "This expansion confirms confidence in the Dutch business environment and underscores the cabinet's support for the chip industry," she wrote on Linkedin.

But the investor association VEB asked if the chip machine maker had enough room to grow in the province of North Brabant or if it had a backup plan.

"Of course, we have backup plans, but we want to expand here because of the conditions offered by Wildhofen and Eindhoven," Dassen replied. "The government also recognises that we need an environment for development. He warned that the expansion plan for the Eindhoven region will not take effect immediately. "We have a backup plan to see where we can increase capacity in the short term," Dassen said.

Outgoing CEO Peter Wennink has been critical of the deteriorating business environment in the Netherlands over the past few months. He said plans to restrict immigration for work or study would make it more difficult to attract highly skilled foreign workers.

There are also concerns about inconsistent government policies, housing market shortages, and the phasing out of tax incentives for expatriates.

The newly appointed Fouquet is the second Frenchman to run the Dutch company after Eric Meurice, and trade publication Bits&Chips says his nationality could be advantageous. While he may be at a disadvantage when dealing with Dutch politicians, "his French roots could be helpful in the international arena where the geopolitical storm continues to rage," the report reads.

"France represents a proud and confident Europe, so when it comes to curbing US interference, such as export measures, the new ASML CEO will always find the French president on his side. ”

Martin van den Brink 和 Peter Wennink的告别采访

Martin van den Brink and Peter Wennink have been co-presidents of the "hottest" company in the Netherlands, chip machine manufacturer ASML, for many years. Together, they have 70 years of ASML experience.

Van den Brink has been involved in the company's development from the very beginning, and he is the technical brain and guiding voice behind the company. Wennink joined later, initially as a "digital expert" and later as an organizational and strategic planner. Both were born in 1957 and retired this spring. This marks the end of an era and an extraordinary chapter in the history of Dutch business – the era of Wennink and Van den Brink leading the combination.

在他们的领导下，AMSL 成长为一家全球性企业。 安理国际律师事务所 (Allen & Overy) 律师事务所合伙人 Charles Honée 最近对两人进行了独家采访。 他们讨论了相互信任、未来的扩张以及他们的愿景。 “没有什么辉煌的愿景。 这只是纯粹的运气”。 （ ‘There was no brilliant vision. It was just pure and simple luck. Poverty and neglect.’）

Peter Wenink's boardroom is filled with farewell wishes, bottled wine, cards, letters, and gifts. "It was homely. At the same time, colleague Van den Brink stares at the photographer's lens.

The technicians were skeptical of the brand and wanted to show us a real lens: the first lens made by the German company Zeiss for ASML many years ago. A cross-section of this shot is prominently displayed in the trophy cabinet in the boardroom, Van den Brink. There is also a cabinet in Winnick's office across the aisle that is filled with photos and prizes.

When asked which award was most important to him, Van den Brink picked up a somewhat ridiculous plastic object. Maybe it's this, from the chairman of a big client. We received it because we provided the most value. Isn't that great? Best value, but you know what's interesting? We received it for a machine that's not fully operational yet. And still the most valuable.

I think that says a lot.

Q: We can maybe talk about that machine later, but let's start by talking about the two of you and the dynamics between you. In the photo, you are standing side by side. Is this a feature of your collaboration?

Van den Brink (serious, straight face): "That's the photographer's explicit instructions!"

Winnick (laughs): "That immediately illustrates our shared sense of humor. When everyone is too serious, put things in perspective. Martin is excellent at this. ”

问：您如何进一步描述 Martin van den Brink？

Wennink: "Martin is one of the most passionate and driven people I know. Someone with very clear core values. Everything about Martin has to be real and important. He is a highly structured person. He was always persistent, as the British say, always relentlessly seeking how things should go. He always talks to several people before making a decision, but eventually, he makes a decision. It's also based on intuition. But at the core of his personality revolves around his values, which I share very much with him. ”

Q: How would you describe Peter Winnick?

Van den Brink: "When Peter came here from Deloitte, he had a history of addition and subtraction and creating excellent corporate reporting. However, over time, it was discovered that Peter's insight into the industry was much deeper than that of the average person in the finance sector. He has a broad vision. His greatest strength is to bring people together. He is very loyal.

Peter gives colleagues all the space they need to do what they think is best for the company. In addition, Peter never panics. Never. He was never bothered by any problems. When I went to him and told him that our machine wasn't working, Peter had no reason to panic. This is the starting point for a good conversation. ”

Wennink: "The reason I'm able to react so easily is because I trust Martin. I know he never did it for personal gain. Martin is an icon in the industry, but he definitely doesn't consider himself greater than anyone else. He is very solution-oriented and Martin is very humble. ”

Van den Brink: "The first 15 years on the board laid the foundation for our trust. At that time, we dealt with very important issues in terms of content and organization. But we always have a lot of trust in each other. We value each other's opinions and insights. Peter also had an aversion to selfishness. Every opportunity he gets, he tells the story of being born a dime and never becoming a dime.

Wennink (stands up, walks over to his desk, picks up two coins): "They're here. "A dime and a quarter! on my desk!"

Van den Brink: "That's what I mean. "It haunted him longer than he admitted. The story of how a dime could never be turned into a twenty-five cent coin has only recently begun to fade away.

Wennink: "I grew up with a strong sense of responsibility. This sense of responsibility is a common denominator in my life. I've always felt a great responsibility in this company. Not only for employees, but also for our customers, suppliers, shareholders and society.

Van den Brink: "I think we're more similar in this point than many people think. Things should never come at the expense of stakeholders, as we say now. The customer comes first. We have some customers who have very critical issues. Sometimes it's stressful. We promised our customers all sorts of things, but then we couldn't deliver on them.

I remember getting a call from the boss of a very important client from Taiwan. There were major technical problems with their equipment. Peter and I looked at each other. This is indeed a big problem. How do we solve this problem? We said almost simultaneously, "We should go there." We immediately said, "Here we come." "Until somebody asks, 'Where the hell are you going? You can't leave. We look forward to the Prime Minister and Chancellor of the Exchequer!" Neither of us has thought about it.

Wennink: "Obviously, the communications department was completely panicked: 'This can't happen?'" and we replied, 'Why not? There's an airplane, isn't it? Then it's possible, right? The customer's interests always come first. This is not a discussion. Moreover, our guests were warmly received by Arthur van der Poel, Chairman of the Supervisory Board at the time.

Van den Brink: "If there were such a request again today, I would do the same thing. ”

Q: Can I go back in time? You've been co-president of ASML for 11 years. This is a very unusual model of governance. Why did you choose this format in the first place?

Wennink: "When our previous CEO left, I was asked if I wanted to be CEO. At the time, I personally felt that I was not a good fit. I'm not a physicist. And then I'll have to deal with all these people......"

Van den Brink: "He had been with us for more than a decade at that time. It's that dime story again. It took Peter a long time to gain confidence.

Wennink：“...... Initially, they wanted to wait another two years. If I don't, they're going to bring in people from outside. ”

Van den Brink: "At the time, we all talked a lot about succession. As CEO, neither of us pushed ourselves forward. We don't think it's necessary. In my case, it's also about pride. If they want me to come over and help, just ask me. But what we do agree on is that we'd rather not have outsiders. ”

Wennink: "Outsiders can cause all sorts of problems. Think of the company as a big forest. When you introduce an outsider, it's like introducing a big dog that wants to mark its territory on every tree. But we do know: not all of these trees need water. Therefore, I propose to Arthur van der Poel, Chairman of the Supervisory Board: Why not create two CEOs?

Van den Brink: "The Supervisory Board asked us to make a proposal on our vision. Who will play the main role? And who will be the second?

Wennink: "That's what the Supervisory Board was concerned about at the time. But for us, there is no problem. There are no main characters, and there are no secondary characters. We wanted two main characters. Martin is in charge of the products and technology, and I'm in charge of the rest – that's the plan. And so it passed. We quickly became a couple: Peter and Martin, and every decision was made with the question: What do Peter and Martin think?

Van den Brink: "But we're not conjoined twins. I've always disliked this word. We're different. We gave each other space. We always have our own voice, even when sitting with others. I didn't coordinate everything with Peter beforehand. On the contrary, in a meeting, we can react very spontaneously. Like, what is he talking about now?

Wennink (stands up and flips through a pile of papers on the desk): "Look at this, this cartoon from the local newspaper Eindhoven Daily a few years ago really says it all. It's the best picture we've ever created together. You see Martin and I on a sailboat. Martin stood at the helm. He is determining the route with various equipment. I'm behind the wheel. I'm sailing along the Martin chart. The wind is full of sails. I see! I really should frame it.

Q: Do you have any hotly debated topics?

Van den Brink:"我不记得了。 "

Wennink: "I don't remember either. "We had a disagreement on organizational matters or someone's performance, but then we had a conversation about it. ”

Van den Brink: "What often happens is that emotions run high. Both of us can be very emotional. It helps that I tend to be emotional about things that are different from Peter. If there's something politically inaccurate, Peter gets excited like an alarm clock. These emotions just need some space. I shrugged. When something goes wrong technically, my alarm goes off.

Wennink: "Martin de-escalated the situation. "He's very calm about everything. ”

Now you, Mr. Van den Brink, have spent your money on this issue in particular......

Van den Brink (quasi-indignant): "Why do you say I spent all my money?"

Wennink (quasi-sternly): "Admit it, Martin. ”

Q: Take a look at your EUV machine, which is worth 150 million euros. Is there a conflict about this?

Van den Brink: "If there's any conflict, it's not between Peter and me. We always agreed that even the acquisition of the American laser manufacturer Cymer was risky at the time. I feel like we're going to have to do that to solve the problem with the new EUV light source. But the rest of the team didn't immediately support it. I went to Peter and said, "If we don't, we won't make it." ”

Wennink ("I distinctly remember Martin standing by the window, convinced that the acquisition was the best decision for ASML. Then I said, "Let's get started." "For me, everything has been settled.

Q: When do you feel like you're at your best as a team?

Wennink: "I believe it happened during our discussions with our German partner, lens manufacturer Zeiss. Our relationship with that company has always been ...... Susceptible. There are ups and downs, but there is certainly mutual respect. Eventually, we acquired a 25% stake in Carl Zeiss SMT. Martin and I were really a tight-knit team during that time. I think that's when we were at our best. ”

Van den Brink: "Arranging equity is very complicated. At one point, we rode our bikes on the dunes with the Germans before the negotiations. I think that ultimately contributed to the willingness to compromise.

Wennink: "It's also about psychology. Because our German friends have a unique mentality. They call us "Vikings", and they are very organized and more cautious. How do you bring it all together? I think we've done a great job. We all played our part. One pushes, the other pulls. In the end, we fully achieved what we wanted. ”

Van den Brink: "During negotiations, I occasionally let tensions escalate to the point where the door is closed and someone rushes away. Then Peter would use that momentum to go further. We always try to solve all problems.

Q: You've seen the company grow from an embryo to a global one. How does this affect you as a leader?

Wennink: "For me, it hasn't changed much. I still feel the same sense of responsibility. Of course, the company has grown, and more and more shares are involved. But my approach is consistent with what I did 25 years ago. It still revolves around prioritizing customers, our employees, and our suppliers. That hasn't changed. If you're mistaken, there's a problem. This is true for both large and small companies.

Q: You've said it yourself: the stakes are bigger. Everything you do now could cause an earthquake."

Wennink: 'Or if we don't. That's true, but big decisions are never made in isolation. They are made in collaboration with our suppliers, technology partners, and customers. It's not like we sit outside on a Sunday afternoon with a glass of delicious Bordeaux wine and decide what to do next. No, it's a process of ongoing interaction and connection with our stakeholders. ”

Van den Brink: "Two pictures vividly illustrate our current situation. Without ASML, Mark Rutte's photo with the Chinese leadership would not have been possible. Similarly, without ASML, Mark Rutte's photo in Joe Biden's office would never have existed. We've grown from a completely incredible company to a global one. ”

Wennink: "But it doesn't have much impact on our business operations. Even when I sit with Biden, my thoughts are only for the benefit of ASML. We have to keep our stakeholders happy. That's where our focus lies.

The huge growth also means that you suddenly have 15,000 employees in R&D, which is a $1 billion budget. How do you do that?

Van den Brink: "Well, I don't know...... The industry has changed a lot. "Philips developed the first TV and the first CD player with just five people. When I started working on ASML in the early days, we focused on systems engineering, describing the entire system by specifying subsystems and their interfaces to the overall system. This approach allows us to scale the team by having each member work on a single subsystem, while a small group of systems engineers optimizes the entire team.

Wennink: "Our core competency now is complex system integration. That's what we do. Organizing effectively can be very challenging. Some say we're good at managing the entire ecosystem around us. But trust me, our wonderful ecosystem is just the result of our early Poverty and neglect. ”

Van den Brink: "Yes! I wish it could be expressed more sensibly in this, but it's true!"

Wennink: "It's just a dream. "There is no money. We lack capacity. We're a little forgotten. Philips sees us as dogs in the backyard who occasionally throw bones. Another project that needs funding. So, what are our options? The only way to do that is to find a partner who can help us achieve our dreams.

Van den Brink: "That's how it's a scalable concept. ”

Wennink: "That's how it happened. "There is no glorious vision. It's just pure luck. Often, this is not a blueprint for great success. But in this case, it turned out well.

Van den Brink: "We grow with our customers. Our main customers today are small businesses in 1987. You grow with your customers. You can be as bad as your customers can tolerate you. If you're dealing with the wrong customers, then things can get tough. ”

Wennink (pointing to the trophy cabinet): "Best value – for a machine that doesn't work!" These customers are very important to what we have ultimately achieved. Absolutely, crucially.

Q: Do you think ASML's position in the Netherlands is sufficiently recognized?

Van den Brink (laughs): "I think yes, now, yes. ”

Wennink: "Yes, now. ”

Wennink (sigh): "Since 2016, I've been publicizing our story and the importance of a good business environment. Eight years!"

That's a long time......

Wennink: "Yes, Martin said: it's not for nothing that Peter got to the point where it went off like an alarm. "So, something like this has happened recently. Politicians seem to think that Manna will continue to fall from the sky. This annoys me. Then I couldn't hold it anymore, and then I said: We Dutch people are fat, stupid, and happy. I'm serious. We are complacent and think that everything will fall into place.

At the same time, you see Shell disappear, you see Unilever disappear, Boskalis...... I know more companies are playing with this idea as well. And then what will happen? The Dutch branch will have to ask if the headquarters in Paris or Austin can cost 50,000 euros. What will they say? Where the hell is Eindhoven? That's the way it is!

Q: You still feel ...... about it.

Wennink: "It bothers me so much!" I saw it happen right in front of my eyes. If you're like me and you have a sense of social responsibility, then you're going to at least want to keep what we have, right? If you're not solving this problem as a politician, then what are you doing? You know, they don't have this problem in South Korea. So, once in a while, I would throw a stone into the pond. Then everyone woke up for a while, and suddenly something needed to happen. (cynically :) "Alright, Hallelujah!" (calms down) "Alright, the alarm goes off. ”

Q: Can I go back to the moment when the Dutch government basically abandoned the entire negotiating position in the export negotiations, and how did the board react to the discussion of exports to China?

Van den Brink（犹豫地）：“我认为我们还不错”以及强加给我们的条件。 当然，人们可以公开质疑荷兰政府是否有效地利用了其地位。 关于这一点有很多话要说，但也许最好不要…… 从长远来看，我敢说冻结对中国的出口不会对我们有帮助。 中国人不会耐心地坐在候诊室里。 他们将采取行动。 你看，我们只是一家公司。 我们别无选择，只能确保遵守各国政府的规定。 ”（原文： ‘I think we are okay-ish with the conditions imposed on us. Of course, one can openly question whether the Dutch government has effectively leveraged its position. There is a lot to be said about that, but perhaps it is better not to... In the long run, I do dare say that an export freeze to China is not going to help us. The Chinese will not patiently sit in the waiting room. They will take action. You see, we are just a company. We have no choice but to ensure we comply with the various governments.’）

Wennink: "We have to agree. "Our license to operate is to provide all our customers with whatever they need within the law. But you can ask yourself: Who determines the boundaries of the law? Do you have an influence on that? It has become an important agenda item in our board discussions. We talk about it more than ever.

Q: Let's talk about the upcoming farewell. How do you discuss your departure and succession from the perspective of the Supervisory Board?

Wennink: "We were asked what we thought about this a few years ago. The Supervisory Board asked us about our thoughts on the future structure of the Board of Directors. I find this very sensible. They listened carefully to our opinions. They also considered alternatives and discussed them with us.

Q: You are two purebred Dutchmen. ASML is now on its way to becoming more international. There is already a Danish chairman, a French CEO on the horizon......

Van den Brink: "In addition to that, there is a Limburger on the board of directors (someone from the province of Limburg in the south of the Netherlands)!" Speaking of which, I believe that Fouquet (the incoming CEO) is from Orange City, France. The city has a traditional connection with the royal family of Orange-Nassau. In addition, he married a Dutch woman.

Wennink: "But seriously, I understand that. In fact, now I get asked a few times a week. But our company's core values are shared by our board colleagues. That's the soul of this company.

Van den Brink: "The Board of Directors has chosen the most suitable successor to ensure continuity. With Christophe's 15 years of experience here, he will seamlessly advance existing strategies. Of course, he will introduce his own elements, or maybe adjust the direction a little, but he knows where we came from and where we are going. Nationality has a limited role.

Wennink: "In addition, the management will soon be mainly made up of Dutch. It may not look like it on the outside, but on the inside, ASML is still a very Dutch company.

Q: How are you going to let go of ASML?

Wennink: "Well, we won't be receiving a salary ...... from April 25th"

Van den Brink: "We don't let go, they let us go!" Ask our colleagues: Why did you let go of these people?

Wennink: "It's no secret: Martin won't be let go". He will continue to serve as a technical advisor. I'm sure they'll visit him. Although this will certainly decrease over time. As for myself, I'm never going to let go completely. I've been here for 30 years. I know everybody. In addition, as President of the Eindhoven Manufacturers Association and President of the University, I remain intertwined with the ASML ecosystem. No, you never completely let go. This week we have a global leadership meeting. The warmth we felt there...... Everything you encounter...... We also have the support of those who move towards the next phase of our lives.

Remains. I am very grateful for that.

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