Semiconductor maker Marvell Technology, Inc. (MRVL) confirmed its outlook for second quarter of fiscal 2027 and also announced that it has appointed Dan Durn as the new Chief Finance Officer, succeeding Willem Meintjes, effective June 15.
In the overnight activity on the Nasdaq, the shares were trading 2.89 percent lower at $272.44, after closing Thursday's regular trading at 11.13 percent higher.
Durn joins Marvell from Adobe Inc. (ADBE), where he served as Chief Financial Officer and Executive Vice President of Finance, Technology, Security and Operations from October 2021 to June 2026.
Related to the appointment, Durn resigned from the Board of Directors on June 10 after working as a member for 2 years.
Further, Meintjes, who joined Marvell in 2016, will serve as an advisor in the company through April 2027, to ensure smooth transition.
Prior to Adobe, Durn worked as a CFO and Vice President in several companies in the semiconductor industry, such as GlobalFoundries, Freescale Semiconductor, NXP Semiconductors, and Applied Materials.
About Durn, Marvell's CEO and Chairman, Matt Murphy said "He understands how these businesses work, how they scale, and what it takes to lead finance through periods of significant growth. That depth of experience, combined with his understanding of the capital markets and operational demands of businesses at our scale, makes him well-suited to help us continue to win in what we believe is a once-in-a-generation AI infrastructure build-out."
While announcing the first quarter results on May 27, the company said it expects second -quarter earnings per share to be $0.37, plus or minus of $0.05, gross margin to be 52.1 percent to 53.1 percent, and total revenue of $2.70 billion, plus or minus of 5 percent.
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