Intel Searched for New CFO
Many companies in the semiconductor sector are struggling to find finance chiefs who are capable of leading transformational changes in the complex industry. These potential Chief Financial Officers are expected to thin margins while simultaneously counteracting plateauing sales as well as downsizing a workforce worldwide. Many companies in Silicon Valley are searching for someone with experience in reducing costs, minimizing head count, and pivoting product portfolios following years of fast-paced growth.
Intel Corporation, one of the world’s highest valued and largest semiconductor chip makers, is currently looking for a new CFO to fill the CFO vacancy which was left by Stacy Smith, who was promoted to an operational role last month. Other chip makers, such as Qorvo Inc. and Marvell Technology Group Ltd., are also on the search for a new Chief Financial Officers.
“The CFO role at Intel is a challenging job…Intel’s next CFO, whether from inside or outside the company, will inherit a world-class team and a company that is growing and financially strong,”
Mr. Smith in an emailed statement.
Intel’s new Chief Financial Officer will be expected to decrease Intel’s dependence on personal computing, reduce heat count by 11 percent (or 12,000), as well as deliver yearly savings of $1.4 billion by the middle of 2017. The new Chief Financial Officer will also be responsible for furthering Intel’s cloud-computing efforts, expanding Intel’s memory chip business, and broadening chip usage in devices connected to the Internet.
“It’s difficult to find people qualified to do that role,”
said an analyst from the global investment banking and diversified financial services Macquarie Group, Deepon Nag.
“The semiconductor industry is a very complex industry…and it requires someone who is familiar with all these parts.”
“While Intel may welcome an external hire, the next CFO is likely to come from within the semiconductor sector,"
suggested Tatyana Shumsky from the Wall Street Journal.
“Boards and executives tend to want someone who understands the risks associated with the industry, recruiters say… industry CFOs in the throes of reallocating capital from flagging business lines and evaluating acquisition opportunities face a long slog. It can take years for billion-dollar investments in new technologies to reach the market.”