The current CFO of chip machinery maker ASML is to take over as chief executive in July, the company said on Wednesday.

Peter Wennink will replace Eric Meurice, who will continue as advisor to the supervisory board until his contract ends next year. Meurice has been CEO since 2004.

ASML made the announcement at the publication of its first quarter figures, which show sales plunged 28% and net profit was down 81% at €96m.

However, the company said sales will rise again in the second and third quarters of this year and full-year sales will be in line with 2012, its best ever year.

ASML is the biggest builder of advanced chip machines in the world, and counts Intel and Samsung among its clients.