Summary
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.
Key Highlights
- 1Appointment of David A. Zinsner as new Chief Financial Officer (CFO) and Principal Accounting Officer, effective January 17, 2022.
- 2Mr. Zinsner's prior experience includes CFO roles at Micron Technology and Analog Devices.
- 3Zinsner'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).
- 4Significant make-whole equity awards ($5M PSUs, $12M RSUs) and a $2M cash bonus are part of Zinsner's onboarding compensation.
- 5George Davis will step down as CFO and Principal Accounting Officer but will remain as an Executive Advisor until his retirement in May 2022.
- 6Gregory M. Bryant, EVP and General Manager of the Client Computing Group (CCG), is resigning effective January 31, 2022, to pursue another opportunity.
- 7Michelle Johnston Holthaus will assume interim leadership of CCG while a search for a new SMG head is conducted.