Intel Ex-CFO Stacy Smith Returns to Chipmaker as Board Member

(Bloomberg) — Former Intel Corp. Chief Financial Officer Stacy Smith will return to the company as a board member, stepping in to help the chip pioneer with an ambitious comeback effort.

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The 61-year-old executive will join the board as part of the audit and finance committee, Intel said in a statement Wednesday. The move is effective immediately.

Smith, who is currently executive chairman of Japanese memory chipmaker Kioxia Corp., departed Intel in 2018 after nearly 30 years, leaving a role as head of manufacturing and operations. He had previously worked his way up to the CFO job, which he held from 2007 to 2016.

The move adds someone to Intel’s board with deep experience in the chip industry — at a time when it’s trying to restore its technological leadership. Chief Executive Officer Pat Gelsinger, who came back to Intel himself after time away, worked alongside Smith during his previous tenure. The new board member was responsible for the chipmaker’s finances when it was still at the top of its game.

“Stacy’s deep understanding of the semiconductor industry, along with Intel’s history and strategy, will be a significant asset to the board as it guides the company’s transformation journey,” Frank Yeary, Intel’s chairman, said in a statement. “In particular, Stacy’s expertise in finance and leading capital allocation strategies in the capital-intensive semiconductor industry will be additive to Intel’s board as the company continues its efforts to create a globally resilient semiconductor supply chain.”

Under Gelsinger’s turnaround plan, Intel is spending heavily to improve and enlarge its manufacturing capabilities. Leadership in that crucial area — lost under his predecessors — has cost Intel market share losses and hurt its finances.

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