(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 a component of the audit and finance committee, Intel said in an announcement Wednesday. The move is effective immediately.
Smith, who’s currently executive chairman of Japanese memory chipmaker Kioxia Corp., departed Intel in 2018 after nearly 30 years, leaving a job as head of manufacturing and operations. He had previously worked his way as much because the CFO job, which he held from 2007 to 2016.
The move adds someone to Intel’s board with deep experience inside the chip industry — at a time when it’s attempting to revive 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 brand latest board member was chargeable for the chipmaker’s funds when it was still at the best of its game.
“Stacy’s deep understanding of the semiconductor industry, along with Intel’s history and strategy, is perhaps an enormous asset to the board since it guides the company’s transformation journey,” Frank Yeary, Intel’s chairman, said in an announcement. “Particularly, Stacy’s expertise in finance and leading capital allocation strategies inside the capital-intensive semiconductor industry is perhaps 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 reinforce and enlarge its manufacturing capabilities. Leadership in that crucial area — lost under his predecessors — has cost Intel market share losses and hurt its funds.
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