AMD says Marvell's Hu to be new CFO; Marvell names new CFO, reaffirms guidance
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AMD (NASDAQ:AMD) said on Wednesday that former Marvell Technology (NASDAQ:MRVL) CFO Jean Hu will become the company's new CFO.
Hu will join AMD (AMD) on January 23 and take over for Devinder Kumar, who is retiring from the company. Kumar is set to stay on until April to help with the transition.
In a statement, AMD (AMD) CEO Dr. Lisa Su thanked Kumar for his contributions to the company.
"He has been an outstanding CFO and partner whose leadership was instrumental in creating the financial foundation that enabled our significant revenue growth and success in recent years," said AMD Chair and CEO Dr. Su. 
Hu joins AMD (AMD) from Marvell (MRVL), where she was the company's CFO, having served in the role since 2016. She was responsible for all aspects of financial planning, accounting, reporting, treasury, tax and investor relations.
AMD (AMD) is slated to hold its fourth-quarter earnings call on January 31.
In conjunction with Hu's departure, Marvell (MRVL) announced that Willem Meintjes, previously the company's Chief Accounting Officer and Treasurer, will become its new CFO, effective January 20. 
On Wednesday, Marvell (MRVL) also reaffirmed the midpoint of its fourth-quarter revenue outlook given on December 1 and narrowed the range. It now expects revenue to be $1.4B, plus or minus 3%, compared to the previous plus or minus 5%.
AMD (AMD) shares slipped fractionally in extended-hours trading, while Marvell (MRVL) fell nearly 2.5%.
On Wednesday, Bank of America maintained its buy ratings on AMD (AMD) and Marvell (MRVL) and said both would be among the beneficiaries of increased cloud computing spending by the hyperscalers.