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.