Intel initiated a company-wide restructuring plan in 2006 to bolster its flagging product leadership position and improve its efficiency and effectiveness. Stacy Smith, then the assistant CFO, led the effort, which has resulted in compound annual revenue and earnings growth of 9% and 23%, respectively. The initiative trimmed Intel’s employee headcount, reduced its layers of management and produced $7 billion in annual productivity gains. Smith, who was named CFO in 2007, notes the company was fortunate to begin the initiative before the financial crisis. He discusses how the crisis has impacted Intel and the issues facing finance departments.