Qualcomm CFO Resigns To Join Rival Intel The Following Day

George S. Davis, the Chief Financial Officer (CFO) and a member of the Executive Committee at chipmaker Qualcomm Inc., leaves the company effective Tuesday to join rival Intel Corporation as its CFO on Wednesday.

Intel is the largest semiconductor firm in the United States while Qualcomm is the second largest.

Qualcomm announced the departure of Davis, who has decided to leave the company after a tenure of six-years. Qualcomm's Board of Directors unanimously approved the appointment of David Wise, SVP and Treasurer, as interim CFO during the search for a permanent replacement.

“On behalf of the Executive Team, I want to thank George for his dedicated service over the last six years at Qualcomm,” said Qualcomm CEO Steve Mollenkopf in a statement. “We all wish him well in his future endeavors.”

At Intel, Davis will report to CEO Bob Swan. Intel has been without a permanent CFO since January, when Swan, the previous CFO, was promoted to become Intel’s chief executive. Swan joined Intel only in 2016.

Davis and Swan are no strangers to each other, having worked together before. Prior to joining Qualcomm in 2013, Davis was CFO at semiconductor equipment firm Applied Materials Inc. Swan sat on the company’s board of directors at the time.

Swan said he knew Davis as a world-class CFO, leader and team-builder. He said Intel’s owners can expect a continued disciplined approach to capital allocation and a relentless focus on creating stockholder value.

As Applied Materials CFO, a position he took in 2006, Davis was responsible for finance, IT, strategy and corporate development, as well as government relations.

During his nearly 13-years with Applied Materials, Davis held several leadership roles. These included corporate treasurer and head of the corporate business development group, where he was responsible for merger and acquisition activities, strategic planning, and management of the company's venture investments.

Qualcomm shares slipped 1 percent to $57.50 in late trading after news Davis was departing for Intel. On the other hand, Intel shares rose 0.1 percent to $54.46.