Intel Corp. shares rallied in the extended session Monday after the chip maker poached Micron Technology Inc.’s chief financial officer and named a new executive to lead its core personal-computer group.
Intel INTC, +0.34% said Micron CFO David Zinsner will begin at Intel on Jan. 17, and report to Intel Chief Executive Pat Gelsinger. Shares surged as much as 5% after hours, following a 3.3% gain to close the regular session at $55.21, while Micron MU, -1.39% shares were down 2% after hours, following a 0.6% decline to finish at $93.89.
“Dave is a proven finance leader, who brings a unique combination of strategic thought, deep knowledge of semiconductors and manufacturing, capital allocation discipline, and a track record of value creation for shareholders,” Gelsinger said in a statement.
Intel’s current CFO, George Davis, will retire in May, and remain in an advisory role until then. Zinsner…