I’m keen to learn about different leadership styles and how some of the most successful people in the business allow their companies to thrive. This led me to Peter Wennink, who has done a stellar job at growing ASML, a Dutch company that provides hardware, software, and services to the semiconductor industry.
Peter Wennink has been CEO of ASML since 2013, and the business has experienced rapid growth in revenue, profits, and stock prices under his leadership. Wennink joined ASML in 1999, having been a partner with Deloitte Accountants. During his career, he has been at the forefront of significant change in the industry, including helping the company to navigate through two economic downturns.
In this Peter Wennink bio, I’m going to detail his career and explore how his approach to leadership and business has brought great success to ASML and allowed the company to grow at a rapid rate.
Peter Wennink Bio Facts
|Full Name:Peter Wennink|
|Birth Date: 30th May 1957|
|Birth Place: Netherlands|
|Partner / Spouse: Married (name unknown)|
|Profession: Businessman, CEO|
|Net Worth: Unknown|
|Social Media: LinkedIn|
|Companies Associated With: ASML (President and CEO), Deloitte Accountants|
|Last Updated: 2022|
Peter Wennink Bio 0-Key Facts Summary
- Has been working at ASML for over 20 years
- Wennick has been the President and Chief Executive Officer of ASML since 2013
- Previously worked with Deloitte Accountants
- Net sales for the fourth-quarter increased 17.2% in his first year as CEO of ASML
- ASML profits have risen 260% during his time as CEO of the company
- Peter is listed 7th in Volkskrant Top 200, which is the annual list of most influential people in the Netherlands
- He was also listed 12th in Fortune ‘Business Person of the Year’ in 2020
- He is currently a council member for the Dutch Top Sector High Tech Systems and Materials
- Also works on the Advisory Committee of the Dutch National Growth Fund.
Peter Wennink Birthplace and Early Life
I don’t have much information on Peter Wennick’s early life as I have found he keeps this information private.
However, he was born in the Netherlands in 1957 and worked in finance and accounting for many years after graduating from the NIVRA School for Auditors. Before moving to ASML, where I know the most about him, he was a partner at Deloitte Accountants. I think his time at Deloitte naturally led him to ASML, as his main area of interest at Deloitte was in the semiconductor equipment industry.
Peter Wennink Early Business Success
While I think Peter Wennink’s main success lies in his time with ASML, he did become a partner with Deloitte in the 1990s.
This is no mean feat, and I think it shows that Wennink was very much destined for great things, even at a younger age. After Wennink moved to ASML, first as a consultant and then as Executive Vice President and Chief Financial Officer in 1999, he began to grow the Dutch chip-making company into the powerhouse it is today.
I think his biggest successes have come since the 2009 financial crisis. I’ll look a bit more in-depth about his time before this later; however, Wennink refused to lay off any of ASML’s workers facing a global recession. While other major companies collapsed or made significant redundancies, Wennink declined to consider the idea.
In the immediate aftermath of the recession, ASML made a 15% market gain. I think the way in which he handled ASML’s business strategy during the 2007-09 recession propelled him into the position of CEO in 2013, and the company has gone from strength to strength since.
ASML’s profits have soared 260% since Wennink became CEO, and its revenue has risen by 160%. Stock prices have increased by 800% too.
I think this growth and success in the aftermath of a global recession is down to Wennink’s leadership style. He has spoken about the three pillars he considers vital to good leadership and a company’s mission statement – authenticity, loyalty, and clarity. I’ve read interviews with Wennink when he talks about placing trust in those around him, and I’ve found his ability to take complex ideas and concepts and present them in a way for everyone to understand. For me, this is one of his best traits, and I think it is a major reason behind ASML’s rapid growth and investment.
The fact that Wennick has been listed 12th in Fortune ‘Business Person of the Year’ in 2020 and also 7th in Volkskrant Top 200 most influential people in the Netherlands is tantamount to his impact on the business world.
Peter Wennink Videos
Interview met Peter Wennink, CEO ASML
Room for Discussion Interview Peter Wennink (ASML)
Peter Wennink Business Failures
While I admire a lot of Peter Wennink and his successes to date, he has had some failures during his time at ASML, which he admits himself. I haven’t come across a successful business person yet who hasn’t suffered notable failure in their career. For example, billionaires such as Mark Zuckerberg, Jeff Bezos, and Elon Musk have suffered notable failures in their life.
One notable failure was in the wake of the tech bubble burst back in the early 2000s. At this time, Wennink was the chief financial officer, and ASML decided to lay off a significant amount of staff. I remember many tech companies making this decision at the time in order to offset some of their losses, although some of the larger companies like Bill Gates’ Microsoft escaped relatively unscathed.
Wennink admits that he made the wrong call. Instead of speaking up and arguing against laying off staff, he went along with the decision, which had considerable repercussions in the following years. Staff morale was at an all-time low, and ASML lost investors as a result.
I think this directly impacted Wennink’s attitude towards the 2009 recession when he refused to consider making anyone redundant. Reducing staff levels would seem an obvious albeit difficult decision, particularly since ASML lost 80% of its sales during this period. However, Wennink realized his mistake a decade earlier, and I admire his honesty in admitting his mistakes and ensuring that he didn’t repeat them.
Peter Wennink Family
Peter Wennink is married and has two children.
I don’t have a lot of information on his family, as Wennink keeps his personal life very private.
Peter Wennink and Career Earnings
Peter Wennink has been CEO of ASML since 2013; the last accounts show his salary is $4,361,000.
This makes him the highest-paid executive at ASML. I’m not sure about his total net worth as I only have information for his annual salary.
Peter Wennink Quotes
The following are some of Peter Wennink’s most famous quotes:
“If someone asks me what ASML actually is, I can just say that we build machines that can make the most advanced chips. But what we really are is a collaborative knowledge network, we are the system architect that’s always on the lookout for partners who can perform certain tasks better than we can. And then we bring them together.”
“A leader has to create an environment where people are respected, feel safe and can speak their mind.”
Frequently Asked Questions – Peter Wennink Bio
Question: Is Peter Wennink the CEO of ASML?
Answer: Yes. Peter Wennink is currently the Chairman of the Board of Management, President, and Chief Executive Officer of Dutch company ASML. He has held this position since 2013.
Question: How long has Peter Wennink worked at ASML?
Answer: Peter Wennink has worked at ASML for over 20 years. He joined the company in January 1999 and was appointed Executive Vice President and CFO in July 1999.
Question: Where did Peter Wennink go to university?
Answer: Before working in finance and eventually moving to ASML, Peter Wennick studied at the NIVRA School for Auditors.
Question: How much does Peter Wennink get paid?
Answer: Peter Wennink was paid a total of $4,361,000 in compensation from ASML last year, which makes him the highest-paid executive at the company.
Question: What is Peter Wenninks leadership style?
Answer: Peter Wennink has been praised for his style of leadership, which focuses on three pillars – authenticity, loyalty, and clarity. He fosters a collaborative environment while allowing people to grow and listening to their input to steer the company’s direction.
Question: Has Peter Wennink been successful as CEO of ASML?
Answer: Yes. Since becoming CEO of ASML in 2013, the company has experienced a period of rapid growth. This has included a 160% rise in revenue and a 260% increase in profits, and the company’s stock price has skyrocketed by 800%. It is safe to say Peter Wennink has become a successful and influential business executive.
Question: What does Peter Wennink do besides working at ASML?
Answer: Peter Wennick is a member of the supervisory board of the Eindhoven University of Technology, the Advisory Board of the Investment Committee of Stichting Pensioenfonds ABP, a council member for the Dutch Top Sector High Tech Systems and Materials, and he works on the Advisory Committee of the Dutch National Growth Fund.
- Gartner Competitors Analysis
- How Does PayPal Make Money: Paypal’s Revenue Model
- Barnes and Noble Competitors Analysis
- Gap Competitors Analysis
- Zara Competitors Analysis
- Patagonia Competitors Analysis
- Kevin Plank Bio
- Sheryl Sandberg Bio: The Story of Her Rise in the Tech Industry - October 4, 2022
- Martin Lorentzon Bio: All You Need to Know About the Co-founder of Spotify - September 30, 2022
- Grant Cardone Bio: How He Created a Real Estate Empire - September 27, 2022