Intel Corp. said long-term chief financial officer Andy Bryant has been named chief administrative officer as part of the company's succession planning program.
Stacy Smith who has served under Bryant for some time is replacing Bryant, who was first named CFO in 1994 and is the company's longest serving CFO.
Paul Otellini, Intel's president and CEO, who made the announcement during a conference call on the company's third quarter results, said Smith would continue to report to Bryant.
Until his recent appointment, Smith was assistant CFO at Intel, which he joined in 1988 and where he has held numerous positions in finance, sales, marketing and information technology.
Smith also headed Intel's operations in Europe where he served as general manager of the Europe, Middle East and Africa division, according to his biography on the company's website.
The company said Smith also served Intel in various positions in Asia and Latin America. The appointment takes immediate effect.