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Another Top Executive Is Leaving Intel

August 22, 2017, 11:39 PM UTC

Intel said on Tuesday evening that longtime executive and former chief financial officer Stacy Smith would resign.

Smith, a 30-year Intel veteran, had been named to the newly created post of group president for sales, manufacturing, and operations in April. He had served as CFO for nine years before that, including guiding the chipmaker through the financial crisis in 2007 and 2008.

Intel CEO Brian Krzanich praised Smith in a statement, saying: “Stacy helped guide Intel through the great recession as CFO and has been instrumental in helping to transform Intel from PC to data-centric. For me personally, Stacy has been an incredibly valued colleague, and I will miss him.”

Intel has been suffering from significant high-level turnover over the past few years after the company missed the shift to mobile phones and has struggled to become less dependent on the shrinking PC market. But the turnaround is still ongoing and Intel’s (INTC) share price has fallen 4% so far this year even as rival Advanced Micro Devices’ (AMD) stock price gained 7% and Nvidia (NVDA) jumped 52%.

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At one time seen a possible successor to Krzanich, Smith joined Intel in 1988 after earning an MBA from the University of Texas. Before becoming CFO in October, 2007, he held top positions including chief information officer, general manager for Europe, Middle East, and Africa, and was named vice president of sales and marketing in 2002.

Smith’s planned retirement, which takes effect at the end of January 2018, follows the departure of PC and mobile group head Kim Stevenson in February and data center unit head Diane Bryant, who took a leave of absence in May. Over the past few years, other longtime executives including president Renee James, wearables head Mike Bell, and PC unit head Kirk Skaugen.

(This story was updated Aug. 22 to correct Smith’s title)