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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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03-02-2023 13:30:39 (UTC+7)

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    EUR/USD 1.0895 ↑ Sell  
    GBP/USD 1.2217 Buy  
    USD/JPY 128.65 ↑ Buy  
    AUD/USD 0.7067 ↑ Buy  
    USD/CAD 1.3328 ↑ Buy  
    EUR/JPY 140.12 ↑ Buy  
    EUR/CHF 0.9961 ↑ Buy  
    Gold 1,928.45 Neutral  
    Silver 23.558 ↑ Buy  
    Copper 4.1262 ↑ Buy  
    Crude Oil WTI 75.78 ↑ Buy  
    Brent Oil 82.12 ↑ Buy  
    Natural Gas 2.428 ↑ Sell  
    US Coffee C 178.38 ↑ Buy  
    Euro Stoxx 50 4,241.12 Neutral  
    S&P 500 4,179.76 ↑ Buy  
    DAX 15,509.19 Buy  
    FTSE 100 7,820.16 ↑ Buy  
    Hang Seng 21,646.00 ↑ Buy  
    Small Cap 2000 2,001.22 ↑ Buy  
    IBEX 35 9,229.70 ↑ Sell  
    BASF 53.840 ↑ Buy  
    Bayer 56.80 ↑ Buy  
    Allianz 221.70 ↑ Buy  
    Adidas 157.92 ↑ Buy  
    Lufthansa 9.893 ↑ Sell  
    Siemens AG 143.72 ↑ Buy  
    Deutsche Bank AG 11.456 Neutral  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,670/ 6,730
(-40/ -40) # 1,281
SJC HCM6,680/ 6,760
(-20/ -20) # 1,311
SJC Hanoi6,680/ 6,762
(-20/ -20) # 1,313
SJC Danang6,680/ 6,762
(-20/ -20) # 1,313
SJC Nhatrang6,680/ 6,762
(-20/ -20) # 1,313
SJC Cantho6,680/ 6,762
(-20/ -20) # 1,313
Cập nhật 03-02-2023 13:30:41
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ↀ Giá vàng thế giới
$1,915.10 -0.01 -0.00%
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ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V24.00024.480
RON 95-III23.14023.600
E5 RON 92-II22.32022.760
DO 0.05S22.52022.970
DO 0,001S-V24.28024.760
Dầu hỏa 2-K22.57023.020
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.250,0023.620,00
EUR24.892,6426.286,54
GBP27.897,1229.086,72
JPY177,36187,76
KRW16,5420,16
Cập nhật lúc 13:27:26 03/02/2023
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