Micron announced yesterday after market close that their CFO, Dave Zinsner, is leaving the company, effective January 14th:
He is taking the CFO job at Intel. Micron’s stock price is down a percent or so in aftermarket. I think this is a neutral event for Micron. It is a better job as far as company size and prestige to be Intel’s CFO versus the same job at Micron, so it is a good career move for him. Intel is probably paying him more as well. This is not a bad time to leave Micron with the up-cycle well underway and the stock over $90 per share. Zinsner has done a good job as CFO and has cleaned up the company’s balance sheet. He’s well-regarded by analysts as well. Micron is a better company than it was several years ago so they should be able to attract good candidates to be the next CFO.
I don’t have any knowledge of what Intel’s CEO (Pat Gelsigner) is like to work for, but Zinsner’s boss at Micron, CEO Sanjay Mehrotra, inspires loyalty from few that work for and with him. Dave is probably happy not to have to work for Mehrotra anymore.
-S. Hughes (long MU)