Shares of Intel Corporation (NASDAQ:INTC) ended Tuesday session in green amid volatile trading. The shares closed up +0.53 points or 1.45% at $37.18 with 22.39 million shares getting traded. Post opening the session at $36.90, the shares hit an intraday low of $36.63 and an intraday high of $37.22 and the price vacillated in this range throughout the day. The company has a market cap of $174.21 billion and the numbers of outstanding shares have been calculated to be 4.73 billion shares.
Intel Corporation (INTC) on September 20, 2016 announced the appointment of Robert “Bob” H. Swan as executive vice president and chief financial officer (CFO), effective Oct. 10, 2016. Swan will report to Intel CEO Brian Krzanich and oversee Intel’s global finance and IT organizations, as well as the Corporate Strategy Office. He replaces Stacy Smith, who, as previously announced, is taking a broader role within Intel leading manufacturing, sales and operations. Smith served nine years as Intel’s CFO.
“I’m thrilled to join Intel, a company where incredible innovation is supported by strong financial management,” Swan said.
“Bob brings a wealth of leadership and financial experience to Intel. His financial acumen and strategic insight will be welcome additions to our leadership team as Intel’s transformation continues,” Krzanich said.
Swan, 56, joins Intel from growth equity firm General Atlantic where he served as an operating partner working closely with the firm’s global portfolio companies on growth objectives. Prior to General Atlantic, he served nine years as the CFO of eBay Inc. Before that, he was CFO at Electronic Data Systems Corp and at TRW Inc. He also served as CFO, COO and CEO of Webvan Group Inc. Prior to that, Bob served in a number of senior finance roles at General Electric.
Shares of Frontier Communications Corp (NASDAQ:FTR) ended Tuesday session in red amid volatile trading. The shares closed down -0.02 points or -0.46% at $4.34 with 13.58 million shares getting traded. Post opening the session at $4.37, the shares hit an intraday low of $4.31 and an intraday high of $4.40 and the price vacillated in this range throughout the day. The company has a market cap of $5.09 billion and the numbers of outstanding shares have been calculated to be 1.17 billion shares.
Frontier Communications Corp (FTR) on September 12, 2016 announced that R. Perley McBride will join the Company on September 12, 2016, and will become Executive Vice President and Chief Financial Officer following a transition period. Mr. McBride will succeed John Jureller, who is stepping down to pursue other opportunities.
Mr. McBride has over two decades of experience in financial roles in the communications industry, including more than a decade at Frontier earlier in his career, and was most recently CFO at Cable & Wireless Communications Plc.
Dan McCarthy, Frontier’s President and CEO, said, “We are very pleased to welcome Perley back to Frontier. Perley is a highly respected finance leader in the communications industry and has unique insight into our business as a result of his prior roles here. He has a successful track record of allocating capital to drive shareholder value, increasing efficiency, improving margins, and executing on strategic plans. Perley will play an integral part in attaining the financial targets we have set for Frontier, including achieving Adjusted Free Cash Flow in the range of $825 million to $900 million in 2016, Adjusted EBITDA in excess of $4 billion in 2017, as well as our expense synergy target of at least $1.25 billion.”
Mr. McBride said, “I am very excited to be rejoining Frontier at such a pivotal time in the Company’s history. Frontier has tremendous future opportunities and I look forward to being a part of Dan’s team as we seek to grow the business and achieve the substantial synergies and efficiencies made possible by Frontier’s substantially-increased scale.”