Intel names new CFO and lead PC executive, stock gains in late trading

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Intel Corp. shares rallied in an extended session on Monday after the chipmaker hunted down Micron Technology Inc’s chief financial officer and named a new executive to head its main personal-computer group.

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intel intc,
+3.31%
said Micron CFO David Zinsner will start at Intel on Jan. 17, and report to Intel’s chief executive Pat Gelsinger. After a 3.3% gain to close the regular session at $55.21, shares rose 5% after hours, while Micron MU,
-0.59%
Shares were down 2% after hours, ending at $93.89 after losing 0.6%.

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“Dave is a proven finance leader, bringing a unique combination of strategic thought, in-depth knowledge of semiconductors and manufacturing, capital allocation discipline and a track record of creating value for shareholders,” Gelsinger said in a statement.

Intel’s current CFO, George Davis, will retire in May, and will remain in an advisory role until then. Zinsner has been Micron’s CFO since February 2018, and Analog Devices Inc. Was Chief Operating Officer at Affirmed Networks and CFO at ADI.
+0.92%
Prior to his tenure at Micron.

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Also, Intel said Michelle Johnson would head the Holthaus company’s client computing 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 has led the company’s sales since 2017, marketing a communications group. She will replace Gregory Bryant, who is leaving “for a new opportunity” at the end of the month, Intel said.

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