Intel is bringing former CFO Stacy Smith back into the fold, naming him an independent director and a member of the Intel board’s audit and finance committee. The appointment of Smith, who left Intel in 2018 and is currently executive chair of Japanese memory chipmaker Kioxia, is effective immediately.
Said Intel Chair Frank Yeary, “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.”
In particular, Yeary said, “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.”
While Intel still holds a dominant market share in CPUs, it is trying to become a player in the market for artificial intelligence chips and a leading contract manufacturer for other semiconductor companies, taking on TSMC and Samsung.
Amid lower sales and earnings, Intel underwent several rounds of layoffs last year. It aims to cut $10 billion in costs by 2025 while simultaneously building foundries in the U.S. and Germany.
Smith said he was joining the board at a pivotal moment for the company. “It is an honor to have the opportunity to contribute to the company’s evolution as it regains its iconic position in the global technology ecosystem,” Smith said in the press release.
Smith spent nearly 30 years at Intel, serving as CFO from 2007 to 2016. Prior to his retirement in 2018, he served as the group president of manufacturing, operations and sales.
In addition to his role at Kioxia — the former Toshiba Memory — Smith is non-executive chair of Autodesk.
