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AMD and Marvell announce management transitions

By Michael Elkins Advanced Micro Devices (NASDAQ:AMD) and Marvell Technology, Inc. (NASDAQ:MRVL) announced after close Wednesday that the companies are going through management...
AMD and Marvell announce management transitions © Reuters AMD and Marvell announce management transitions
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By Michael Elkins

Advanced Micro Devices (NASDAQ:AMD) and Marvell Technology, Inc. (NASDAQ:MRVL) announced after close Wednesday that the companies are going through management transitions. AMD's CFO, Devinder Kumar will be retiring on January 23rd, and Marvell's Jean Hu will be stepping into Mr. Kumar's spot as EVP and CFO. Kumar will remain at AMD through April 2023.

Hu joins AMD from Marvell, where she served as CFO since 2016 and was responsible for all aspects of financial planning, accounting, reporting, treasury, tax, and investor relations.

Marvell announced that Hu will be replaced by Willem Meintjes as CFO. Willem Meintjes has served as Marvell’s Chief Accounting Officer and Treasurer since 2018.

“I want to thank Devinder for his many contributions to AMD. He has been an outstanding CFO and partner whose leadership was instrumental in creating the financial foundation that enabled our significant revenue growth and success in recent years,” said AMD Chair and CEO Lisa Su.

"Jean has been an incredible partner over the past six years as we have transformed Marvell into a leader in data infrastructure semiconductor solutions," said Matt Murphy, Marvell's President and CEO.

Rosenblatt Securities analysts were a bit surprised that the companies decided to announce these transitions in tandem. However, they view the move as a win-win for AMD and Marvell.

Marvell reaffirmed their midpoint 4QFY23 revenue outlook and narrowed the guided revenue range. Net revenue is now expected to be $1.40 billion +/- 3% vs the prior +/- 5%.

Shares of AMD and MRVL are up 2.97% and 3.63% respectively in mid-day trading on Thursday.

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04-10-2023 19:38:25 (UTC+7)

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    EUR/USD 1.0516 ↑ Buy  
    GBP/USD 1.2153 ↑ Buy  
    USD/JPY 148.92 ↑ Sell  
    AUD/USD 0.6333 ↑ Buy  
    USD/CAD 1.3718 ↑ Buy  
    EUR/JPY 156.60 ↑ Buy  
    EUR/CHF 0.9636 Buy  
    Gold 1,841.05 Neutral  
    Silver 21.383 Neutral  
    Copper 3.6105 ↑ Buy  
    Crude Oil WTI 87.27 Neutral  
    Brent Oil 89.08 Neutral  
    Natural Gas 3.000 ↑ Buy  
    US Coffee C 148.27 ↑ Buy  
    Euro Stoxx 50 4,119.05 ↑ Buy  
    S&P 500 4,229.45 ↑ Buy  
    DAX 15,148.35 ↑ Buy  
    FTSE 100 7,462.32 Buy  
    Hang Seng 17,186.00 ↑ Buy  
    Small Cap 2000 1,724.80 Neutral  
    IBEX 35 9,172.90 ↑ Buy  
    BASF 42.110 ↑ Sell  
    Bayer 44.35 ↑ Buy  
    Allianz 220.98 ↑ Sell  
    Adidas 162.11 Neutral  
    Lufthansa 7.148 ↑ Buy  
    Siemens AG 134.70 Neutral  
    Deutsche Bank AG 9.945 Neutral  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,820/ 6,870
(-20/ -20) # 1,473
SJC HCM6,815/ 6,885
(-5/ -5) # 1,487
SJC Hanoi6,815/ 6,887
(-5/ -5) # 1,489
SJC Danang6,815/ 6,887
(-5/ -5) # 1,489
SJC Nhatrang6,815/ 6,887
(-5/ -5) # 1,489
SJC Cantho6,815/ 6,887
(-5/ -5) # 1,489
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Cập nhật lúc 18:51:01 04/10/2023
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