Intel Corp (NASDAQ: INTC) said on Wednesday that Stacy Smith, Executive Chairman of Kioxia Corporation and Chairman of Autodesk Inc, would join its Board of Directors as an independent director with immediate effect.
Smith will serve on the Board’s Audit & Finance Committee.
Smith spent almost three decades at Intel, as he assumed various leadership roles. Before his retirement in 2018, Stacy Smith was the group president of manufacturing, operations and sales, overseeing Intel Corp’s global Technology and Manufacturing Group and its global sales organization.
Earlier, he spent more than ten years in finance leadership roles, including the role of Chief Financial Officer.
Smith also assumed the role of Chief Information Officer and served as general manager of Intel Europe, Middle East and Africa.
“Stacy’s deep understanding of the semiconductor industry, along with Intel’s history and strategy, will be a significant asset to the board as it guides the company’s transformation journey,” Frank D. Yeary, Chairman of Intel Corp’s Board, said in a press release.
“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.”
Stock Performance
The shares of Intel Corporation (INTC) closed 4.44% ($2.01) lower at $43.23 on Nasdaq on Wednesday, as they snapped a two-day streak of gains.
The company’s total market cap now stands at $182.776 billion.
The shares of Intel Corporation (INTC) went up 90.12% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The chip maker’s shares have retreated 13.97% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 24 out of 36 surveyed investment analysts had rated Intel Corp’s stock as “Hold”, while 8 – as “Buy”. The median price target on the stock stands at $47.22, which translates into a 9.23% upside compared to the closing price on Wednesday.
The high point of the analyst forecast range stands at $68.00.
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