Intel Stock (INTC): Why The Price Increased

By Amit Chowdhry ● Jan 11, 2022
  • The stock price of Intel Corporation (NASDAQ: INTC) increased by 3.31% in the most recent trading session. This is why it happened.

The stock price of Intel Corporation (NASDAQ: INTC) increased by 3.31% in the most recent trading session. Investors are responding positively to Intel announcing that David Zinsner has been appointed as the company’s executive vice president and chief financial officer (CFO), effective Jan. 17, 2022. 

Zinsner has over 20 years of financial and operational experience in semiconductors and manufacturing, including most recently as executive vice president and CFO at Micron Technology.

Zinsner is going to report to Intel CEO Pat Gelsinger and oversee Intel’s global finance organization, including finance, accounting and reporting, tax, treasury, internal audit, and investor relations.

Prior to the role at Micron, Zinsner served as president and chief operating officer at Affirmed Networks. And he also served as senior vice president of finance and CFO at Analog Devices and senior vice president and CFO at Intersil Corp. Zinsner holds a master’s degree in business administration, finance and accounting from Vanderbilt University and a bachelor’s degree in industrial management from Carnegie Mellon University.

Current CFO George Davis will retire from Intel in May 2022 and will remain with the company in an advisory role until then to ensure a seamless transition.

KEY QUOTES:

“Dave is a proven finance leader, who brings a unique combination of strategic thought, deep knowledge of semiconductors and manufacturing, capital allocation discipline, and a track record of value creation for shareholders. I look forward to partnering with Dave as we continue to execute our strategy to usher in a new era of innovation and achieve our goal of unquestioned leadership in every category in which we compete.”

“On behalf of the Intel team, I want to thank George for his outstanding contributions during a pivotal moment of the company’s history. He has been a great leader and colleague, and we are grateful for the integral role he played on our transformation journey. We wish him all the best in his future endeavors.”

— Pat Gelsinger, Intel CEO

“I am excited to join Intel, a company I’ve long admired with a storied history of innovation and technology leadership. Intel’s scale, re-invigorated culture and depth of technical talent positions the company to capitalize on the unprecedented demand for semiconductors across the globe. I look forward to working with Pat and the rest of the leadership team to help drive the IDM 2.0 strategy forward and create long-term value for shareholders.”

— David Zinsner

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.