01—Abstract
Summary
Summary of the 8-K filed January 10, 2022. Cited figures are marked; the original filing is the authoritative source.
Intel Corporation (INTC) has announced significant leadership changes via an 8-K filing on January 10, 2022.
The most notable change is the appointment of David A. Zinsner as the new Executive Vice President and Chief Financial Officer (CFO), effective January 17, 2022.
Mr. Zinsner brings extensive financial leadership experience from companies such as Micron Technology, Analog Devices, and Affirmed Networks. His compensation package includes a substantial base salary, performance-based bonuses, and significant equity awards, including make-whole provisions for forfeited compensation from his previous role.
02—Key points
Key Highlights
- Appointment of David A. Zinsner as new Chief Financial Officer (CFO) and Principal Accounting Officer, effective January 17, 2022.
- Mr. Zinsner's prior experience includes CFO roles at Micron Technology and Analog Devices.
- Zinsner's compensation package includes an $800,000 base salary, significant bonus targets, and substantial equity awards ($8.25M target annual award plus make-whole provisions).
- Significant make-whole equity awards ($5M PSUs, $12M RSUs) and a $2M cash bonus are part of Zinsner's onboarding compensation.
- George Davis will step down as CFO and Principal Accounting Officer but will remain as an Executive Advisor until his retirement in May 2022.
- Gregory M. Bryant, EVP and General Manager of the Client Computing Group (CCG), is resigning effective January 31, 2022, to pursue another opportunity.
- Michelle Johnston Holthaus will assume interim leadership of CCG while a search for a new SMG head is conducted.
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer (CFO) of Intel?
David A. Zinsner has been appointed as the new Executive Vice President and Chief Financial Officer (CFO) and Principal Accounting Officer of Intel, effective January 17, 2022. He was previously the CFO at Micron Technology.
What is David Zinsner's compensation package?
Mr. Zinsner's compensation includes a base salary of $800,000, eligibility for annual and quarterly cash bonuses, and annual equity awards with a target value of approximately $8.25 million. He is also receiving significant 'make-whole' compensation, including approximately $17 million in equity awards and a $2 million cash bonus.
Are there any other significant leadership changes?
Yes, Gregory M. Bryant, the General Manager of the Client Computing Group (CCG), is resigning effective January 31, 2022. Michelle Johnston Holthaus will take over as interim head of CCG, while Intel searches for a new head of the Sales, Marketing, and Communications Group (SMG).
What happens to the previous CFO, George Davis?
George Davis will step down as CFO and Principal Accounting Officer on January 17, 2022, but will remain with Intel as an Executive Advisor until his retirement in May 2022.
04—Continue