Intel’s new CFO is to steer the chipmaker’s finances through the turnaround

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Intel Corp.’s new CFO, David Zinsner, will play a critical role in managing the chipmaker’s finances and capital allocation as the company embarks on a multi-year turnaround.

Intel of Santa Clara, Calif., Named Mr. Zinsner as its next CFO on Monday. The appointment of Mr. Zinsner will take effect on January 17th. He succeeds George Davis, who announced his resignation in October and will remain with Intel as a consultant until May.

Mr. Zinsner had been CFO of the chip manufacturer Micron Technology Inc. for about four years. Micron said it had started looking for a new CFO and appointed Chief Business Officer Sumit Sadana to the additional role of interim CFO.

Mr. Zinsner will come to Intel in a transition phase, including in the executive ranks. Chief Executive Pat Gelsinger succeeded former CEO Bob Swan, who was ousted from the company, in February 2021. In addition, Intel announced on Monday that Gregory Bryant, head of its client computing group, is leaving the company for a new opportunity later this month.

Intel’s chip business has lost ground to competitors such as Taiwan Semiconductor Manufacturing Co. and South Korea’s Samsung Electronics Co. in recent years due to delays in introducing new chip technologies. Mr. Gelsinger has committed to making the best chips in the world within four years, including the introduction of a new central unit every year between 2021 and 2025. He has also committed to making chips for building new ones as part of a plan Investments make high expenditures for other companies.

As CFO, Mr. Zinsner will help Intel achieve its goals by setting a strategy for allocating capital, making sure the company has the right resources, and communicating progress with investors, said CJ Muse, senior managing director of the investment firm Evercore Inc. “This is a major turnaround and it’s unclear whether it will work or not,” said Muse.

With Mr. Zinsner, Intel has hired a CFO with extensive experience in the semiconductor industry. Previously, he was also Chief Financial Officer at chip manufacturers Analog Devices Inc. and Intersil Corp., which were founded in 2017 by the Japanese semiconductor company Renesas Electronics Corp. were taken over.

In a press release announcing the appointment, Mr. Gelsinger praised Mr. Zinsner’s extensive knowledge of semiconductors, manufacturing and capital allocation. “I look forward to partnering with Dave as we continue our strategy to usher in a new era of innovation,” he said in the press release.

Intel declined to make Mr. Zinsner available for an interview.

Intel announced in September that it would invest up to $ 95 billion in new chip manufacturing facilities in Europe and is one of several semiconductor companies, including Micron, to recently announce expansion plans. As part of this announcement, Intel committed to expand manufacturing capabilities specifically for the automotive chip sector.

Intel reported sales of $ 19.2 billion in October, 5% more than last year. The company, like others across industries, is grappling with a component shortage that has weighed on computer sales.

The company announced last year that it would publicly list its shares in Mobileye, its self-driving car unit, in mid-2022 and retain a majority stake in the company. Intel plans to use the monetary advantages of the IPO, it was said at the time.

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