Former Intel Corp INTC CFO Stacy Smith looks to rejoin the company as a board member, stepping into a crucial role amid Intel’s efforts to navigate a significant comeback.
Intel announced on Wednesday that the 61-year-old executive, currently the executive chairman of Kioxia Corp, a Japanese memory chipmaker, will serve on the audit and finance committee effective immediately.
Smith, who left Intel in 2018 after an extensive career spanning nearly three decades, including a stint as CFO from 2007 to 2016, brings a wealth of experience, Bloomberg reports.
His return marks a strategic addition to Intel’s board, especially when the company strives to regain its technological edge in the chip industry.
Pat Gelsinger, Intel’s CEO, who also returned to the company after a hiatus, previously worked with Smith and praised his contribution to Intel’s success during its peak years.
Intel’s Chairman, Frank Yeary, emphasized Smith’s deep knowledge of the semiconductor sector and Intel’s strategic direction as invaluable to the board.
Under Gelsinger’s leadership, Intel has embarked on an ambitious investment strategy to revitalize its manufacturing prowess.
Intel aims to bring artificial intelligence to 100 million PCs by 2025, marking a significant push to transform the PC industry.
This year, the company targets the shipment of 40 million AI-capable PCs and aims to increase this to 60 million next year, capturing more than 20% of the global PC market by 2025.
Recently, Intel overcame efforts to restrict its significant chip sales to Huawei, a Chinese telecom firm heavily sanctioned.
This victory granted Intel, a top global chip manufacturer, the chance to continue its dealings with Huawei despite pressure on U.S. President Joe Biden to revoke a previously issued license.
Investors can gain exposure to Intel via First Trust Nasdaq Semiconductor ETF FTXL and Invesco PHLX Semiconductor ETF SOXQ.
Price Action: INTC shares traded higher by 1.06% at $43.69 premarket on the last check Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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