Intel Shares Rally as Company Names New CFO

Shares of Intel were rising higher this week after Wall Street learned that the company had poached Micron CFO as its new lead of finance.

The company has hired David Zinsner, who will begin at Intel on January 17th. He is to report to CEO Pat Gelsinger.

Zinsner has been Micron’s CFO since February 2018, and was chief operating officer at Affirmed Networks and CFO at Analog Devices Inc.

Shares surged as much as 5% in after-hours trading on Monday on the news.

“Dave is a proven finance leader, who brings a unique combination of strategic thought, deep knowledge of semiconductors and manufacturing, capital allocation discipline, and a track record of value creation for shareholders,” Gelsinger said in a statement.

Intel’s current CFO, George Davis, will retire in May, and remain in an advisory role until then.

The company also replaced Gregory Bryant as its top of client-computing group with 25-year veteran Michelle Holthaus. The group oversees the company’s PC business, which is its largest business segment and most recently accounted for $9.7 billion out of $19.2 billion in quarterly sales.

Bryant is leaving at the end of the month “for a new opportunity,” Intel said.

A 25-year veteran at Intel, Holthaus has headed the company’s sales, marketing an communications group since 2017.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.