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US biz journal names Sanghi 'Person of the Year'

A top US business newspaper has named Steve Sanghi of Microchip Technology its "Person of the Year".

india Updated: Mar 19, 2006 01:32 IST
Indo-Asian News Service
Indo-Asian News Service

The IndUS Business Journal, a leading US business newspaper covering Indian and South Asian businesses, has named Steve Sanghi of Microchip Technology its "Person of the Year".

Sanghi is chief executive and chairman of Arizona-based Microchip Technology, a publicly traded maker of micro-controller and analogue semiconductors.

Thirteen other national business awards were also announced, according to a report in the newspaper. The winners will be honoured during a gala dinner at the Boston Newton Marriott Hotel in Newton, Massachussets April 27.

Sanghi joined Microchip in 1990 as president and led a turnaround of the company, the report said.

Last year, Microchip totalled nearly $847 million in sales, up from $699.3 in 2004. The company has the best performing stock in the semiconductor industry.

Microchip also boasts of the highest operating profits in the semiconductor industry (36 per cent last quarter). Since going public, Microchip has increased its market capitalisation from $81 million to $6.75 billion.

Sanghi has also authored a recently published book about Microchip's success titled "Driving Excellence: How the aggregate system turned Microchip Technology from a failing company to a market leader".

"During the past year, these individuals and companies made significant contributions to the US economy, Indo-US economic ties as well as the influential South Asian business community in the US," said Peter Glaser, publisher of IndUS Business Journal.

"We are very proud to honour these entrepreneurs and companies."

First Published: Mar 18, 2006 21:27 IST