Qualcomm CFO George S. Davis is leaving the chipmaker after a six-year tenure to fill the finance chief position at rival Intel that has been vacant since Bob Swan was promoted to CEO.
Davis’s departure from Qualcomm was effective as of Tuesday, with David Wise, a longtime veteran of the company and its treasurer, being appointed as interim CFO during the search for a permanent replacement.
“I know George is a world-class CFO, leader, and team-builder,” Swan, who became Intel’s CEO in January, said in a news release. “He is a great addition to our leadership team and will help us execute our growth strategy in pursuit of the biggest data-driven market opportunity Intel has ever had.”
“Our owners can expect a continued disciplined approach to capital allocation and a relentless focus on creating stockholder value,” he added.
According to The Financial Times, Wall Street has been “hoping for greater financial discipline at [Intel]. After a period of expensive diversification that has taken it into a range of new products and markets, investors have been hoping that Intel will narrow its investment focus and train its capital spending onto fewer bets — an expectation that now falls on Mr. Davis.”
Before joining Qualcomm in March 2013, Davis spent seven years as CFO at semiconductor equipment firm Applied Materials. During that time, Swan worked with him as a member of the Applied board.
“I’m thrilled to be joining the Intel team,” Davis said. “With demand for the analysis, transmission, and storage of data growing faster than ever, no company in the world is better positioned to capitalize on that opportunity than Intel. It’s an exciting time for Intel, and I’m looking forward to playing a role in the company’s transformation.”
Wise, who joined Qualcomm in 1997, has been part of the senior finance leadership team for more than 12 years.