Intel Corp. said Monday it has appointed David Zinsner, the financial head of Micron Technology Inc., as its new chief financial officer and executive vice president.

Zinsner, who is 53 years old, will start the job on Jan. 17, the chipmaker said in a statement. He replaces former CFO George Davis, who had announced his retirement in October, and will report directly to Intel Chief Executive Pat Gelsinger. His role will be to oversee Intel’s finances as it looks to regain its once-dominant position in the semiconductor industry.

The appointment of Zinsner is the latest in a series of high-profile executive changes made by Intel since Gelsinger took over the company last year. The new CFO had served at Micron for almost four years, following a career in financial positions at several other technology companies, including Affirmed Networks Inc. and Analog Devices Inc. Gelsinger said he was impressed by Zinsner’s “deep knowledge of semiconductors and manufacturing, capital allocation discipline, and a track record of value creation.”

Investors applauded the announcement, with Intel’s stock gaining more than 5% in late trading following the report.

Micron, which has named its Chief Business Officer Sumit Sadana as interim CFO and is now searching for a permanent replacement, saw its stock fall 3.1%.

“Given Mr. Zinsner’s track record and investor perception, we think this news is justifiably being taken as an Intel positive,” Wells Fargo analyst Aaron Rakers said in a note.

Zinsner will have a fairly big responsibility in his new job, as he will be tasked with keeping track of Intel’s planned multibillion-dollar investments in the U.S., in Europe and elsewhere as it looks to build out more manufacturing capabilities and regain its position as the world’s dominant chipmaker. It will be his job to help Gelsinger explain how those turnaround plans will affect Intel’s finances. Gelsinger has previously said Intel is in an “investment phase” and that it will almost certainly drag on its overall profitability.

Analysts told SiliconANGLE they believe Zinsner has what it takes to step up and assume those big responsibilities. Charles King of Pund-IT Inc. said Zinsner is an “interesting guy” and that it’s notable he possesses more than two decades’ worth of experience at other silicon industry vendors.

“Along with being deeply experienced in corporate financial issues, he also knows and understands Intel’s industry and markets,” King said. “Overall, he should do an excellent job as Intel’s CFO and, given his relative youth, could become a candidate for other C-level positions that open at the company.”

“Pat Gelsinger is putting together his management team, and CFOs are a key piece in every management puzzle,” said Constellation Research Inc. analyst Holger Mueller. “With Zinsner he gets an industry CFO on the team who also brings an outside view. This fresh look and new start is likely going to do well for Intel, given the challenges that lay ahead.”

In other news, Intel said it’s promoting Michelle Johnston Holthaus as its new head of its Client Computing business unit, its largest in terms of revenue. Holthaus, who is also an executive vice president, has spent 25 years at Intel. She will transition to her new role over the coming months, leaving the company to search for a replacement in her current position as head of sales, marketing and communications.

“Michelle is a proven leader who embodies Intel’s values, and I look forward to partnering with her in this new capacity as we drive innovation and unquestioned product leadership across the client business,” Gelsinger said of her appointment.

Photo: Isriya Paireepairit/Flickr