Intel Share Rallies After Hiring Micron’s David Zinsner as CFO

Jan 11, 2022

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Shares of Intel Corp., one of the largest chipmakers in the world increased following the company named David Zinsner as its Chief Financial Officer and executive vice president. Zinsner is Micron Technology Inc.’s finance head and he will replace George Davis as CFO.

Zinsner, who has more than 20 years of experience in the semiconductor industry as a financial and operational executive is expected to fill the place on January 17. George Davis’ retirement has been disclosed already but he will remain until May as an advisor. Zinsner, who joined Micron in 2018 will be responsible to Pat Gelsinger, Intel’s Chief Executive Officer, and supervise the chipmaker’s finances in order to regain the company’s leading position in the industry.

The nomination of Zinsner as a CFO is the latest change in the senior leadership structure done by Gelsinger who came back to the company in the previous year. Gelsinger reasoned his choice as Zinsner has a “deep knowledge of semiconductors and manufacturing, capital allocation discipline, and a track record of value creation.”

Aaron Rakers, Wells Fargo’s analyst commented on the appointment in a note to clients: “Given Mr. Zinsner’s track record and investor perception, we think this news is justifiably being taken as an Intel positive,”.

Intel shares rallied on the news 5.7% to $58.38 in after-hours trading while Micron fell 3.1% to $91.

Furthermore, Michelle Johnston Holthaus will be the head of Client Computing Group which is Intel’s largest business unit, said the company. Holthaus will take over Greg Bryant’s position who is leaving at the end of January.

Micron filled the empty position by appointing Chief Business Officer Sumit Sadana as a temporary Chief Financial Officer and stated that it is looking for a permanent one.

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