Intel Appoints New CFO and Chief PC Officer, Gains End-of-Day Shares

Shares of Intel Corp. recovered in the extended session on Monday after the chipmaker poached the CFO of Micron Technology Inc. and appointed a new executive to lead its core personal computer group.

Intel INTC,
+ 3.31%
said Micron chief financial officer David Zinsner will start at Intel on January 17 and report to Intel chief executive Pat Gelsinger. Shares jumped 5% after-hours, after gaining 3.3% to close the regular session at $ 55.21, while Micron MU,
-0.59%
shares were down 2% after-hours, after falling 0.6% to close at $ 93.89.

“Dave is a proven financial leader, who brings a unique combination of strategic thinking, in-depth semiconductor and manufacturing knowledge, capital allocation discipline and a history of creating shareholder value,” said Gelsinger in a statement.

Current Intel CFO George Davis will retire in May and will remain in an advisory role until then. Zinsner has been Chief Financial Officer of Micron since February 2018, and was Chief Operating Officer at Affirmed Networks and Chief Financial Officer at Analog Devices Inc. ADI,
+ 0.92%
before his time at Micron.

Additionally, Intel said Michelle Johnston Holthaus will lead the company’s client IT group, which oversees the PC business. The company’s largest business segment recently accounted for $ 9.7 billion out of $ 19.2 billion in quarterly sales.

A 25-year veteran at Intel, Holthaus leads the company’s sales, marketing a communications group since 2017. She will replace Gregory Bryant, who is leaving at the end of the month “for a new opportunity,” Intel said.

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