Former Intel Corp INTC CFO Stacy Smith is set to rejoin the company as a board member, a move that comes at a crucial time for Intel as it strives to make a significant comeback in the chip industry.
Smith, who left Intel in 2018 after a long and successful career with the company, including serving as CFO from 2007 to 2016, brings a wealth of experience to the table. His return to Intel as a board member was announced on Wednesday, with Smith set to serve on the audit and finance committee effective immediately.
This move is seen as a strategic addition to Intel’s board, especially as the company works to regain its technological edge in the chip industry. Intel CEO Pat Gelsinger, who also recently returned to the company after a hiatus, has worked with Smith in the past and praised his contribution to Intel’s success during its peak years.
Intel Chairman Frank Yeary highlighted Smith’s deep knowledge of the semiconductor sector and Intel’s strategic direction as invaluable to the board. Under Gelsinger’s leadership, Intel has been focusing on an ambitious investment strategy to revitalize its manufacturing capabilities.
One of Intel’s key strategies under Gelsinger’s leadership is to bring artificial intelligence to 100 million PCs by 2025, a move that aims to transform the PC industry. The company aims to ship 40 million AI-capable PCs this year and increase this number to 60 million next year, with the goal of capturing over 20% of the global PC market by 2025.
Recently, Intel also overcame efforts to restrict its chip sales to Huawei, a Chinese telecom firm that is heavily sanctioned. This victory allows Intel to continue its dealings with Huawei despite pressure on U.S. President Joe Biden to revoke a previously issued license.
Investors looking to gain exposure to Intel can consider investing in the First Trust Nasdaq Semiconductor ETF FTXL and the Invesco PHLX Semiconductor ETF SOXQ.
In premarket trading on Thursday, INTC shares were up by 1.06% at $43.69. This move marks an exciting time for Intel as the company looks to navigate its comeback in the chip industry with the help of experienced and knowledgeable leaders like Stacy Smith.
