Technology

Intel Veteran Stacy Smith To Retire For His Next Professional ‘Chapter’

Intel announced on Tuesday that company veteran and former Chief Financial Officer Stacy Smith will retire. It must be noted that though the chip maker described Smith’s exit as retirement, according to Smith, it is “the time to start the next chapter in my professional journey,” according to OregonLive.

Stacy Smith intel
Image Source: Intel (screenshot)

Restructuring at Intel

Over the past few years, Intel’s top management has seen a lot of reshuffling, hinting at the company’s quest to lessen its dependence on its traditional businesses and look for newer opportunities. Last year, Intel announced that it was restructuring of its board, and in the process, it assigned Smith to his new role.

Smith was appointed as president of Manufacturing, Operations and Sales earlier this year, and he was among the three executives who were delegated important responsibilities. Diane Bryant was appointed as head of Intel’s Data Center Group, while Venkata (Murthy) Renduchintala was given the leadership position in the Client and Internet of Things Business & Systems Architecture Group.

Since 2015, the company has seen some top-ranking executives calling it quits, including former company President Renee James, former Chief Information Officer (CIO) Kim Stevenson, Kirk Skaugen, head of Intel’s PC group, and others. Shortly after his promotion this year, Bryant also took a leave of absence, citing personal reasons and family issues.

Stacy Smith was said to be a potential CEO candidate

When Paul Otellini announced his retirement in 2012, Smith was one of those said to be in the running for the position. However, Krzanich convinced the board to make him CEO at the time. After Krzanich became CEO, the chip maker reportedly gave Smith a hefty bonus to stay, according to Bloomberg. Another executive, Renee James, was also given a big bonus to stay at the company, but she left in 2016.

On Tuesday, Smith, a 30-year Intel veteran, wrote to employees, saying that the “company is in great shape. We survived a disruption to our core business that would have crippled a lesser company. Not only did we survive it, but we are thriving.”

CEO Brian Krzanich informed employees about Smith’s retirement through an email, stating that Smith has decided to retire starting in January 2018. The CEO added that Smith has been an outstanding contributor to Intel’s success story. Throughout his career, Smith has looked after various geographies and taken on various roles, such as head of EMEA sales and marketing, chief information officer, chief financial officer, and most recently, president of Manufacturing, Operations and Sales.

“For me personally, Stacy has been an incredibly valued colleague, and I will miss him,” Krzanich said in the email.

Stacy Smith joined Intel in 1998 and was appointed as CFO in March 2016. Even now, at the age of 54, he is seen as a strong candidate to lead the chip maker eventually.

On Tuesday, Intel shares closed down 0.77% at $34.65. Year to date, the stock is down more than 4%, while in the last year, it is down almost 2%.