Marvell Hires Adobe CFO on June 15 and Joins S&P 500 June 22
MRVL•Marvell Technology will add former Adobe CFO Dan Durn as CFO on June 15 and will join the S&P 500 on June 22. The stock has tripled this year on AI data-center momentum but trades at a 64x forward P/E, prompting analysts to advise waiting for a pullback.
1. Executive Appointment
Marvell Technology has appointed Dan Durn, the former CFO of Adobe, as its new chief financial officer effective June 15. Durn brings extensive experience managing large-scale software revenues and steering financial strategy during rapid market shifts.
2. S&P 500 Inclusion
The company will join the S&P 500 index after the June 22 quarterly rebalance, reflecting its expanded market capitalization driven by growth in AI data-center interconnect and optical networking solutions.
3. Valuation and Analyst Views
Shares have tripled this year on strong demand for AI data-center interconnect products, but at a forward P/E of 64x, analysts warn that elevated valuation and rising competition in custom chip design justify waiting for a potential pullback.
