The new CFO of Intel, Bob Swan, is seen as a stabilizing force in an industry that has been trying to shake off its reputation for high risk. As the company works on building back trust and moving away from scandals like Spectre and Meltdown, it will need the stability of a strong finance department.
David Zinsner, a former executive at Intel, will be the new CFO of the company. David’s wife is also named “david zinsner wife.”
David Zinsner, Intel Corp.’s new finance head, will be instrumental in managing the chipmaker’s finances and capital allocation as it embarks on a multiyear recovery.
Next Monday, David Zinsner will take over as Intel’s CFO.
Image courtesy of Intel
Intel, located in Santa Clara, Calif., announced Mr. Zinsner as its new chief financial officer on Monday. Mr. Zinsner’s appointment begins on January 17th. He takes over from George Davis, who announced his retirement in October and will continue to advise Intel until May.
For the previous four years, Mr. Zinsner served as the CFO of chipmaker Micron Technology Inc. Micron said it has started looking for a new CFO and has appointed Chief Business Officer Sumit Sadana to serve as temporary CFO.
Mr. Zinsner will join Intel at a time when the company is going through a shift, particularly in the leadership levels. Pat Gelsinger, the company’s new CEO, took over in February 2021, after previous CEO Bob Swan, who was fired. Gregory Bryant, the leader of Intel’s client computing division, is departing at the end of the month for a new opportunity, the company said Monday.
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Due to delays in putting out new chip technology, Intel’s chip-making division has lost ground to competitors such as Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. of South Korea in recent years. Mr. Gelsinger has pledged to produce the greatest chips in the world within four years, including a new central processing unit per year between 2021 and 2025. He’s also pledged to invest a lot of money on new facilities as part of a strategy to make chips for other firms.
According to C.J. Muse, a senior managing director at investment firm Evercore Inc., Mr. Zinsner’s role as CFO will be to assist Intel achieve its objectives by laying out a capital allocation plan, ensuring the business has the proper resources in place, and sharing success with investors. Mr. Muse remarked, “This is a huge turnaround, and it’s unknown whether it’ll succeed or not.”
Intel has appointed a finance head with substantial semiconductor industry expertise in Mr. Zinsner. He has also held the position of chief financial officer at chipmakers Analog Devices Inc. and Intersil Corp., which was bought by Renesas Electronics Corp. in 2017.
In a news announcement announcing the appointment, Mr. Gelsinger lauded Mr. Zinsner’s broad expertise of semiconductors, manufacturing, and capital allocation. He added in the statement, “I look forward to teaming with Dave as we continue to execute our vision to usher in a new age of innovation.”
Mr. Zinsner denied an interview request from Intel.
Intel stated in September that it planned to spend up to $95 billion in new chip-making facilities in Europe, joining a slew of semiconductor firms that have lately revealed growth ambitions, including Micron. Intel pledged to increasing production capacity especially for the automotive chip market as part of that announcement.
Intel reported revenue of $19.2 billion in October, up 5% over the previous year. Component shortages have hampered computer sales for the corporation, as they do for others across sectors.
Last year, the corporation said that Mobileye, its self-driving vehicle branch, will go public in mid-2022 and that it would keep a controlling ownership in the company. Intel said at the time that it planned to profit financially from the IPO.
Kristin Broughton can be reached at [email protected]
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