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

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Intel Corp. shares rallied successful the extended league Monday aft the spot shaper poached Micron Technology Inc.’s main fiscal serviceman and named a caller enforcement to pb its halfway personal-computer group.

Intel INTC, +3.31% said Micron CFO David Zinsner volition statesman astatine Intel connected Jan. 17, and study to Intel Chief Executive Pat Gelsinger. Shares surged arsenic overmuch arsenic 5% aft hours, pursuing a 3.3% summation to adjacent the regular league astatine $55.21, portion Micron MU, -0.59% shares were down 2% aft hours, pursuing a 0.6% diminution to decorativeness astatine $93.89.

“Dave is simply a proven concern leader, who brings a unsocial operation of strategical thought, heavy cognition of semiconductors and manufacturing, superior allocation discipline, and a way grounds of worth instauration for shareholders,” Gelsinger said successful a statement.

Intel’s existent CFO, George Davis, volition discontinue successful May, and stay successful an advisory relation until then. Zinsner has been Micron’s CFO since February 2018, and was main operating serviceman astatine Affirmed Networks and CFO astatine Analog Devices Inc. ADI, +0.92% earlier his stint astatine Micron.

Also, Intel said that Michelle Johnston Holthaus volition caput the company’s lawsuit computing group, which oversees the PC business. The company’s largest concern conception most precocious accounted for $9.7 cardinal out of $19.2 cardinal successful quarterly sales.

A 25-year seasoned astatine Intel, Holthaus has headed the company’s sales, selling an communications radical since 2017. She volition regenerate Gregory Bryant, who is leaving astatine the extremity of the period “for a caller opportunity,” Intel said.

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