Intel shares got a boost on Monday after the chipmaker announced it had picked Micron finance chief David Zinsner as its new CFO.
Zinsner had served at Micron for almost four years, following a career in financial positions at several other technology companies, including Affirmed Networks and Analog Devices.
Intel had been searching for a replacement for George Davis, who will retire in May after three years as CFO. Zinsner will start his new job on Jan. 17.
“Dave is a proven finance leader, who brings a unique combination of strategic thought, deep knowledge of semiconductors and manufacturing, capital allocation discipline, and a track record of value creation for shareholders,” Intel CEO Pat Gelsinger said in a news release.
On news of Zinner’s appointment, Intel shares rose 3% to $56.88 in extended trading after climbing 3.3% during the regular session. “Given Mr. Zinsner’s track record and investor perception, we think this news is justifiably being taken as an Intel positive,” Wells Fargo analyst Aaron Rakers said in a note.
According to SiliconANGLE, Zinsner will have the “fairly big responsibility” of “keeping track of Intel’s planned multibillion-dollar investments in the U.S., in Europe, and elsewhere as it looks to build out more manufacturing capabilities and regain its position as the world’s dominant chipmaker.”
Charles King of Pund-IT Inc noted that Zinsner has more than two decades’ worth of experience at other chip vendors.
“Along with being deeply experienced in corporate financial issues, he also knows and understands Intel’s industry and markets,” he said. “Overall, he should do an excellent job as Intel’s CFO and, given his relative youth, could become a candidate for other C-level positions that open at the company.”
Zinsner, who has a master’s degree in business administration, finance, and accounting from Vanderbilt University, said he had long admired Intel for its history of innovation and technology leadership.
“Intel’s scale, re-invigorated culture, and depth of technical talent positions the company to capitalize on the unprecedented demand for semiconductors across the globe,” he said.