Intel Corp, in a strategic maneuver to bolster its corporate leadership and navigate ambitious technological innovations, has brought a familiar face back into the executive fold. Stacy Smith, the chip giant's former Chief Financial Officer, has been appointed to Intel's board of directors, as confirmed by the company on Wednesday. Smith, who retired from Intel in 2017 after a tenure stretching nearly 30 years, served as CFO from 2006 to 2016, and subsequently as group president of manufacturing, operations, and sales.
During his initial stint at Intel, Smith had also been considered a potential candidate for the CEO position, a role later filled by Brian Krzanich. His return comes at a time when Intel is aggressively pursuing a major comeback in the semiconductor industry, an endeavor marked by the adoption of the IDM 2.0 strategy — a plan aimed at reviving the company’s historical leadership in chip manufacturing. According to a news release obtained by BizJournals, Smith’s "deep understanding of the semiconductor industry, along with Intel’s history and strategy," is highly valued for the guidance he can offer in this transformational phase.
The participation of Smith is no less significant in the context of Intel's current challenges, which include fierce global competition and a need for technological innovation. Frank Yeary, chairman of Intel's board, emphasized Smith's contribution potential in a statement cited by Bloomberg. "In particular, Stacy’s expertise in finance and leading capital allocation strategies in the capital-intensive semiconductor industry will be additive to Intel’s board as the company continues its efforts to create a globally resilient semiconductor supply chain," Yeary said.
Smith’s industry relevance is further emphasized by his roles outside Intel, which include his position as the executive chairman of Japanese memory chipmaker Kioxia Corp. His experience extends also to the chairmanship at the software company Autodesk. Pat Gelsinger, who rejoined Intel as CEO in 2021, has expressed his anticipation of the value Smith's comeback would add in a social media post highlighted by OregonLive, noting Smith’s "strong expertise in finance and leading capital allocations, and a deep understanding of the semiconductor industry."
While Intel re-secures its ranks with industry veterans like Smith, the semiconductor industry watches closely, anticipating how these strategic leadership decisions will translate into market performance. Intel, having faced turbulent executive transitions in the past, including the departure of previous CEO Bob Swan, seems to be setting a clear directive: leaning on experience to navigate its future.
