Micron Appoints Mark Murphy as Executive Vice President and Chief Financial Officer

Rhea-AI Summary

Micron Technology, Inc. (Nasdaq: MU) has appointed Mark Murphy as the new Executive Vice President and Chief Financial Officer, effective April 18, 2022. With 25 years of financial leadership experience, Murphy aims to drive Micron’s financial strategy during a period of anticipated growth in memory and storage solutions. Previously CFO at Qorvo, he has held senior roles in various semiconductor companies. Interim CFO Sumit Sadana will return to his role as Chief Business Officer following Murphy's appointment. This leadership change is expected to enhance Micron's operational and financial performance.

Positive

• Mark Murphy brings 25 years of financial and operational leadership, enhancing Micron's executive team.
• Murphy's proven track record in the semiconductor industry is expected to drive financial performance and growth.
• The appointment is anticipated to optimize revenue growth and shareholder returns.

Negative

• Concerns may arise regarding the transition and continuity during the leadership change.

BOISE, Idaho, April 05, 2022 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU), an industry leader in innovative memory and storage solutions, today announced that it is appointing Mark Murphy as the company’s executive vice president and chief financial officer effective April 18, 2022. Murphy brings 25 years of deep financial and operational leadership to the role and will oversee Micron’s financial strategy for the company’s next era of growth.

“Mark is a seasoned executive with extensive public company CFO experience, and proven large-scale manufacturing expertise. He has a strong track record of driving financial performance at multiple well-established companies in the semiconductor industry,” said Micron President and CEO Sanjay Mehrotra. “I look forward to Mark’s contributions to our leadership team as we embark on our next chapter of growth driven by demand for memory and storage solutions across the data center, the intelligent edge and a growing range of innovative devices.”

Murphy will report to Mehrotra and oversee Micron’s finance organization, including all finance functions, tax, treasury, internal audit and investor relations. He will be responsible for driving capital allocation to optimize revenue growth, profitability and shareholder returns.

“Memory and storage are essential to global economic growth. Micron’s leading technology across memory and storage uniquely position the company for success into the next decade,” said Murphy. “I’m excited to leverage my experience to steer Micron’s financial growth in the coming years. I look forward to working with Sanjay and the leadership team to fulfill the company’s vision to transform how the world uses information to enrich life for all.”

Murphy will be joining Micron from Qorvo, a leader in wireless technologies serving smartphone, defense, Wi-Fi, automotive and broad IoT markets where he has been CFO since 2016. Prior to his tenure at Qorvo, Murphy held multiple finance and operations leadership positions in semiconductor and broader electronics markets, including CFO at Delphi Automotive, CFO at MEMC Electronic Materials, and president of the Electronics Materials division at Praxair. Murphy holds a Master of Business Administration from Harvard University and a Bachelor of Science degree in Business from Marquette University, and is a veteran of the U.S. Marine Corps.

With Murphy’s appointment, interim CFO Sumit Sadana will return full time to his long-standing role as chief business officer for the company. Mehrotra added: “I want to extend my deepest thanks to Sumit for his leadership of our finance organization during our CFO search. His dedication to leading both our business units and finance teams kept our business on a strong trajectory. I’m delighted to have him back full time in his chief business officer role.”

About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron^® and Crucial^® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2022 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Micron Media Relations Contact
Erica Pompen
Micron Technology, Inc.
+1 (408) 834-1873
epompen@micron.com

Micron Investor Relations Contact
Farhan Ahmad
Micron Technology, Inc.
+1 (408) 834-1927
farhanahmad@micron.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c60ef60-b6cd-4ce2-b751-d5f466b91a65

FAQ

Who is the new CFO of Micron Technology?

Mark Murphy has been appointed as the new CFO of Micron Technology.

What experience does Mark Murphy have?

Mark Murphy has 25 years of experience in financial leadership, previously serving as CFO at Qorvo.

When will Mark Murphy start as CFO?

Mark Murphy will assume the role of CFO on April 18, 2022.

What will be Mark Murphy's responsibilities at Micron?

Murphy will oversee Micron’s financial strategy, including finance functions, tax, treasury, and investor relations.

Who is returning as Chief Business Officer at Micron?

Sumit Sadana will return to his role as Chief Business Officer following Murphy's appointment.