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.
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.