(Bloomberg) — Former Intel Chief Financial Officer Stacey Smith is returning to the company as a member of the company's board of directors, helping the chip pioneer in its ambitious restart efforts.
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Intel said in a statement Wednesday that the 61-year-old executive will join its board of directors as a member of its audit and finance committees. This move takes effect immediately.
Smith, who currently serves as executive chairman of Japanese memory chip maker Kioxia, left Intel in 2018 after working for about 30 years and left his position as head of manufacturing and operations. He previously rose to the position of CFO and served as CFO from 2007 to 2016.
The move brings someone with deep experience in the chip industry to Intel's board of directors as the company looks to restore its technological leadership. Chief Executive Officer Pat Gelsinger returned to Intel on his own after a leave of absence and worked with Mr. Smith during his previous tenure. The new board members were in charge of the company's finances when the chipmaker was still in its heyday.
“Stacey's deep understanding of the semiconductor industry, along with Intel's history and strategy, will be a key asset to the board as we guide the company on its transformation journey,” Intel Chairman Frank Yeary said in a statement. Ta. “In particular, Stacey's financial expertise and key capital allocation strategies in the capital-intensive semiconductor industry will serve Intel's Board of Directors well as we continue our efforts to build a globally resilient semiconductor supply chain. It will make a further contribution.”
Under Mr. Gelsinger's turnaround plan, Intel is spending heavily to improve and expand its manufacturing capacity. Leadership in that critical area was lost under his predecessor, costing Intel market share and negatively impacting its finances.
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