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Former Intel CEO Candidate Smith to Leave Chipmaker in January

Aug. 23, 2017
Stacy Smith, who’s been at the world’s largest chipmaker for 30 years, spent nine of them as CFO.

Intel Corp.’s head of manufacturing, operations and sales, Stacy Smith is retiring early next year, the chipmaker said.

Smith, 54, who’s been at the world’s largest chipmaker for 30 years, spent nine of them as chief financial officer. He previously worked as head of sales for its Europe, Middle East and Africa region. He will leave at the end of January.

Smith was one of the few remaining Intel senior executives who reported to CEO Brian Krzanich’s predecessor Paul Otellini. Smith competed for the CEO job when Otellini announced his retirement ahead of schedule in 2012, but Krzanich convinced the board to give him the top role and is trying to move the company away from its dependence on the shrinking personal computer market.

“I want to thank Stacy for his leadership and his many outstanding contributions to Intel’s success,” Krzanich said in a statement. “For me personally, Stacy has been an incredibly valued colleague, and I will miss him.”

Historically, Intel executives who’ve fallen short in the race for the top job have left and taken senior positions elsewhere in the chip industry. Intel gave Smith a large bonus to convince him to stay on after Krzanich became CEO. Renee James, a former Intel president, was a contender and also got a special bonus to stick around. She left in 2016.

By Ian King

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