Qualcomm CFO George Davis Quits, Joins Rival Intel Same Day

Qualcomm has informed that its CFO George Davis quit the company after a six-year service. However, it is bit surprising that Davis’ departure from Qualcomm became effective on the some day.

It became more interesting that within hours of this announcement, Intel announced that Davis joined the firm as its new CFO and executive Vice President.

In the meanwhile, the Qualcomm’s Board of Directors have appointed David Wise, SVP and Treasurer, as interim CFO during the search for a permanent replacement.

In Qualcomm, Davis served for six-years during which he served as CFO and was a member of Qualcomm’s Executive Committee.

“On behalf of the Executive Team, I want to thank George for his dedicated service over the last six years at Qualcomm. We all wish him well in his future endeavors,” said Steve Mollenkopf, CEO of Qualcomm Incorporated. “I would also like to congratulate Dave Wise in this interim role as the Board of Directors commences a search for a permanent replacement.”

Wise joined Qualcomm in 1997 and has held a variety of roles in Finance, and Corporate Development and Strategy since that time. He has been part of the senior finance leadership team for more than 12 years.

Wise is currently Senior Vice President and Treasurer, responsible for Qualcomm’s capital markets activities, treasury operations, global cash management and investment portfolio management.  Previously, Wise led Strategy and Corporate Development for Qualcomm’s non-semiconductor businesses and ran Corporate Finance for several years overseeing Qualcomm’s overall financial planning and analysis.

In Intel George Davis will report to Intel CEO Bob Swan and 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.

“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.”

“I know George is a world-class CFO, leader and team-builder,” said Bob Swan, Intel CEO. “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.”

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