CFO musical chairs: Micron's finance boss leaves to take same job at Intel
vzphotos/iStock Editorial via Getty Images


Micron Technology (NASDAQ:MU) said Monday that its chief financial officer, David Zinsner, is stepping down from his job at the memory chipmaker to take on the same position at Intel (NASDAQ:INTC).
Micron (MU) announced Zinsner's departure after the close of trading. The company said Sumit Sadana, currently Micron's (MU) executive vice president and chief business officer, will serve as interim CFO while the company searches for a permanent replacement for Zinsner.

In a statement, Micron (MU) Chief Executive Sanjay Mehrotra said that even with Zinsner's departure, "Micron's strong financial position is the result of the transformation we have driven," and that the company is in a position for "continued growth" this year.
Zinsner had been Micron's (MU) CFO since February 2018. At Intel (INTC), Chief Executive Pat Gelsinger called Zinsner "a proven finance leader, who brings a unique combination of strategic thought, deep knowledge of semiconductors and manufacturing, capital allocation discipline, and a track record of value creation for shareholders."
Following the executive shakeup announcement, Micron (MU) shares slipped by almost 2% in after-hours trading, while Intel (INTC) shares climbed more than 5%.
Earlier Monday, Bank of America analyst Vivek Arya listed Micron (MU) as his top memory chip company for 2022.