Marvell Technology named Adobe CFO Dan Durn as its next finance chief, effective June 15. The hire brings a semiconductor industry veteran to lead finances as the chipmaker targets $10 billion in custom AI chip revenue by fiscal 2029. Marvell reaffirmed its quarterly guidance.
Marvell Technology hired Adobe CFO Dan Durn to lead its finances as the chipmaker targets $10 billion in custom AI chip revenue by fiscal 2029, tapping a semiconductor industry veteran for its next growth phase.
"Dan's deep experience across the semiconductor industry will help Marvell capitalize on the growing demand for AI infrastructure," Chief Executive Officer Matt Murphy said.
Durn will start as chief financial officer on June 15, replacing Willem Meintjes, who will remain as an adviser through April 2027. Durn has served on Marvell's board for the past two years and previously held CFO roles at Applied Materials Inc., NXP Semiconductors NV and GlobalFoundries Inc. — three companies spanning chip manufacturing equipment, automotive semiconductors and wafer fabrication. Marvell reaffirmed its fiscal second-quarter guidance, indicating the leadership change is not tied to a near-term business problem.
The appointment comes as Marvell benefits from a surge in spending on AI-related data center infrastructure, which has boosted demand for its custom chips and networking technology. The company last month 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. Marvell competes with Broadcom Inc. and Nvidia Corp. in the custom AI chip market, where hyperscale cloud providers including Amazon.com Inc. and Google parent Alphabet Inc. are increasingly designing their own silicon to reduce dependence on merchant chip suppliers.
Marvell shares rose 1.7 percent on Friday, while Adobe shares fell 6 percent as the software company faces its second C-suite departure in three months following CEO Shantanu Narayen's plan to step down. Adobe shares are down 37 percent year to date. For Marvell, the hire of a CFO with deep semiconductor manufacturing experience — rather than a software or consumer tech background — reinforces its focus on executing an AI infrastructure roadmap that depends on winning custom chip contracts from cloud giants. The company's custom chip pipeline, built on TSMC's advanced process nodes including 3nm and 5nm, positions it to capture a share of the estimated $30 billion-plus custom AI chip market by 2029, according to industry estimates.
This article is for informational purposes only and does not constitute investment advice.
