UPDATE 1-Marvell names Adobe's Dan Durn as finance chief amid growing AI demand
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NXP Semiconductors NXPI | 0.00 | |
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June 11 (Reuters) - Marvell Technology MRVL.O on Thursday named Adobe's ADBE.O Dan Durn as chief financial officer, succeeding Willem Meintjes, who is stepping down after more than three years in the role.
Durn will take charge at Marvell starting June 15, while Meintjes will remain with the semiconductor company in an advisory role through April 2027 to support the transition.
The appointment comes as Marvell looks to benefit from a surge in spending on AI-related data center infrastructure, which has boosted demand for advanced networking and custom chip technologies.
Durn has previously held senior finance roles at Applied Materials AMAT.O, NXP Semiconductors NXPI.O, Freescale Semiconductor and GlobalFoundries GFS.O.
Marvell CEO Matt Murphy said Durn's experience across the semiconductor industry would help the company capitalize on growing demand for AI infrastructure. Durn has resigned from Marvell's board effective June 10.
Last month, Marvell forecast its custom chip business would surpass $10 billion in revenue in fiscal 2029 after raising its 2028 revenue outlook to about $16.5 billion.
Shares of the company, which reaffirmed its financial outlook for the second quarter of fiscal 2027, were down about 2% in extended trading.