Qualcomm executive Davis heads to Intel as new CFO

Intel has tapped Qualcomm’s George S. Davis to serve as EVP and CFO. Davis is leaving his position as EVP and CFO at rival Qualcomm to join the Intel team.

In his new role, Davis will oversee Intel’s global finance organization, including finance, accounting and reporting, tax, treasury, internal audit and investor relations. He will also oversee Intel’s information technology (IT) organization, according to a statement.

Davis is stepping into the position vacated by Bob Swan, whom Intel appointed as CEO in January 2019. Swan had been serving as Intel’s interim CEO for seven months, after Brian Krzanich stepped down from the position after the board found Krzanich’s relationship with a coworker to be against company policy. Intel’s Todd Underwood, VP of finance and director of Intel’s corporate planning and reporting, had assumed the role of CFO in the interim.

The new hire comes as Intel continues to expand its business beyond the PC market and into other data-centric sectors. Swan said the addition of Davis to the Intel team “will help us execute our growth strategy in pursuit of the biggest data-driven market opportunity Intel has ever had.”

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Davis served as Qualcomm’s CFO for six years.The mobile chipmaker’s board of directors have appointed David Wise, SVP and treasurer, as interim CFO, while the company looks for a permanent replacement.

The appointment marks something of a reunion for Davis and Swan. Prior to working at Qualcomm, Davis was CFO of Applied Materials Inc, a semiconductor equipment company, at the same time that Swan served on the company’s board, according to CNBC.