Chipmaker Intel Corp on Monday appointed Micron Technology Inc finance head David Zinsner as its chief financial officer and executive vice president.

Zinsner, who will assume the role on Jan. 17, joined Micron in 2018 and has more than 20 years of financial and operational experience in semiconductors and manufacturing.

Micron, meanwhile, named Chief Business Officer Sumit Sadana as interim CFO and said it is searching for a permanent finance head.

Shares of Intel rose as much as 5.4% in after-hours trading on the news, while Micron's shares slipped about 2%.

Intel had earlier said CFO George Davis will retire in May.

Separately, the chipmaker said Executive Vice President Michelle Johnston Holthaus will lead its client computing group, a segment that accounted for more than half of its third-quarter revenue.

Intel said Gregory Bryant, the previous chief of the unit, is leaving Intel at the end of January to take a job elsewhere. It did not give further details.

  - Reuters