The largest semiconductor equipment supplier in Europe, ASML Holding NV has appointed its finance director Peter Wennink to the position of Chief Executive Officer. The announcement was made together with a Eur1 billion buyback and a first quarter profit beyond forecasted estimates.

The incumbent CEO Eric Meurice was to hold the position until next year, but instead would become the company's chairman by July 1, according to the Veldhoven, Netherlands based firm.

According to a video posted on the ASML's website, "PC's are cannibalized by tablets. We do ship to logic customers, but the shipment to memory customers is low. That is something that we see throughout 2013."

The 2013 second quarter sales forecasts an amount of Eur1.1 billion and it has repeated its revenue projections to about Eur4.73 billion. There is also a plan by management to return excess cash to shareholders while repurchasing as much as Eur1 billion worth of shares of stock.