Intel company (NASDAQ: INTC) Shares are higher following a duo of executive appointments the company announced on Monday night.
What happened: Intel, based in Santa Clara, Calif., Announced the appointment of David Zinsner as executive vice president and chief financial officer of the company, effective January 17, 2022. He will replace George Davis, who previously announced his retirement from Intel in May 2022 and will remain with the company in an advisory capacity until then.
Zinsner was recently employed by a memory chip maker Micron Technology, Inc. (NASDAQ: MU) as CFO. He is credited with over 20 years of financial and operational experience in semiconductor and manufacturing,
The new CFO will report to CEO Pat Gelsinger and overseeing the company’s global financial organization, including finance, accounting and reporting, taxation, treasury, internal audit and investor relations, Intel said.
Separately, Intel announced its executive vice president Michelle Johnston Holthaus, a 25-year veteran of the company, will lead the company’s Client Computing Group (CCG).
The CCG segment is the largest source of revenue for the business. In the third quarter ended September 2021, the segment generated revenue of $ 9.7 billion, or approximately 51% of total revenue.
Holthaus replaces Executive Vice President Gregory Bryant, who will be leaving at the end of January, after a 30-year stint at Intel, to pursue another opportunity.
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Micron Appoints Interim CFO: Micron confirmed Zinsner’s departure in a press release. The company said it has actively started a formal search for a new CFO and appointed its executive vice president and chief commercial officer Sadana Summit as interim CFO, with immediate effect and to remain so during the transition period.
The company also said its financial guidance for the second quarter of fiscal 2022 remains unchanged.
Positive for Intel, negative for Micron, says the analyst: Zinsner’s appointment is a positive one for Intel, given his strong track record at Micron, Hans Mosesmann, analyst at Rosenblatt Securities, said in a note. He was instrumental in the financial transformation of the memory maker, including increased profitability, the introduction of a dividend, cross-cyclical investments and a strong balance sheet, he added.
Zinsner’s departure, meanwhile, is negative for Micron, Mosesmann said. That said, the processes he has in place are the ones that need to be executed and a reset is not necessary, the analyst added.
At the last check, Intel shares were up 0.11% to $ 55.27, while Micron slipped 1.54% to $ 92.40 on Tuesday morning on the release.
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Photo: Courtesy of Micron
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