Intel Stock Jumped Because It Named a Micron Exec as Its New CFO

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Intel

late Monday named as David Zinsner its new chief financial officer. Zinsner is the current CFO of

Micron Technology
.
The appointment is effective Jan. 17.

Intel (ticker: INTC) said Zinsner will report to CEO Pat Gelsinger and oversee the company’s global finance organization, including finance, accounting and reporting, tax, treasury, internal audit, and investor relations. Zinsner replaces George Davis, who as previously announced will retire from Intel in May, and will remain with the company until that time in an advisory role.

Before joining Micron (

MU

), Zinsner served as CFO at Analog Devices (ADI) and Intersil.

Micron said it has named chief business officer Sumit Sadana as interim CFO effective immediately. The memory-chip company said it has begun a search for a permanent replacement. Micron added that its financial guidance for the current quarter remains unchanged.

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Intel also named Michelle Johnston Holthaus to run the company’s client computing group, which makes processors for PCs. A 25-year Intel veteran, she is currently EVP and general manager of the company’s sales, marketing, and communications group. Holthaus replaces Gregory Bryant who the company said it leaving Intel at the end of January “for a new opportunity.”

In late trading, Intel stock jumped 4% to $57.43, adding to a 3.3% rally in Monday’s regular session. Micron stock is off 1.5% after hours, after a 0.6% decline in the regular session.

Write to Eric J. Savitz at [email protected]