Intel announced a few senior executive changes with the poaching of Micron's Chief Financial Officer (CFO), David Zinser. Intel also announced that the Client Computing Group (CCG) head, Gregory Bryant, will leave the company for another opportunity. He will be replaced with Michelle Johnston Holthaus, a promotion from within.
Michelle Johnston Holthaus takes the CCG reins from Gregory Bryant
Intel's new head of CCG is Michelle Johnston Holthaus, and while the markets may have reacted more to the CFO appointment, Holthaus's management is probably going to be more important and visible to PC enthusiasts and DIYers. Holthaus is a 25-year Intel veteran and moves up from her current role of EVP and general manager of the Sales, Marketing and Communications Group, a position she has held since 2017.
Intel CEO Gelsinger said that Holhaus's promotion was based on her "track record of success driving global sales and revenue for the last five years, combined with her profound understanding of the client computing business and trusted relationships across the entire industry." In her own statement about the appointment as head of the CCG, Holthaus asserted that Intel has "a tremendous opportunity to build on past successes – and even accelerate our pace as we continue to enable our customers and partners to elevate PC experiences."
Holthaus has big shoes to fill in replacing the popular Gregory Bryant, who was highly prominent last week at CES 2022. Bryant is leaving for pastures new (we don't know what/where yet) after 30 years of service at Intel. However, Holthaus seems to have all the qualities required for a successful replacement.
CFO change inspires Intel share rally
Intel's new CFO, David Zinser, moves over from Micron where he held the corresponding position. Zinser has over 20 years of experience in financial and operational matters at Micron.
Intel CEO Pat Gelsinger said Zinser will provide a "unique combination of strategic thought, deep knowledge of semiconductors and manufacturing, capital allocation discipline," to Intel, as well as a "track record of value creation for shareholders." For his part, Zinser said he was excited to join Intel and praised Intel's "re-invigorated culture," under the leadership of Pat Gelsinger.
In late trading yesterday, Intel stock jumped 4%, adding to a 3.3% uplift seen during the regular trading session. Over the same period, Micron's stock slid 2.1%. Zinser doesn't start until January 17 and will enjoy a comfortable overlap alongside current Intel CFO George Davis, who will retire in May.