(Bloomberg) -- Intel Corp. rallied Monday after tapping Micron Technology Inc. Chief Financial Officer David Zinsner to fill the CFO role vacated by the retirement of George Davis.
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Zinsner will report to Intel Chief Executive Officer Pat Gelsinger and oversee the company’s finances as it tries to regain its once-dominant hold on the semiconductor industry. Intel had already announced the retirement of Davis, who will stay on in an advisory role until May. Zinsner starts as CFO on Jan. 17, Intel said in a statement.
Zinsner’s appointment is the latest shake-up of Intel’s senior leadership undertaken by Gelsinger, who rejoined the company last year. Intel’s new CFO was at Micron for almost four years following a career in financial positions at other technology companies. In naming him to the role, Gelsinger cited Zinsner’s “deep knowledge of semiconductors and manufacturing, capital allocation discipline, and a track record of value creation.”
The shares gained as much as 5.7% to $58.38 in late trading following the announcement. Micron, meanwhile, slipped as much as 3.1% to $91.
Gelsinger’s appointee will shoulder the burden of explaining to Wall Street how his boss’s turnaround plans will affect Intel’s finances. The CEO has said that the company is in an “investment phase” as it tries regain leadership in manufacturing and expand into new markets. That will act as a drag on the company’s profitability, Gelsinger has said.
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