George Davis, chief financial officer of Qualcomm Inc., listens during an interview in New York, U.S. (Photographer: Victor J. Blue/Bloomberg)

Intel Names Qualcomm's Davis as Chief Financial Officer

(Bloomberg) -- Intel Corp. named George Davis as chief financial officer, filling the post with a man who held the same position at rival Qualcomm Inc. for the past six years.

Robert Swan, Intel’s chief executive officer, held dual roles as CFO and interim CEO for seven months until Jan. 31, when his position as the chipmaker’s top executive was made permanent. At that time, Intel said it would seek a full-time CFO.

Intel Names Qualcomm's Davis as Chief Financial Officer

Davis, 61, will report to Swan and oversee Intel’s global finance organization as well as information technology, the Santa Clara, California-based company said Tuesday in a statement. He had served as executive vice president and CFO at San Diego-based Qualcomm since March 2013. Previously, he was CFO at Applied Materials Inc. for six years.

Swan is trying to revive Intel’s fortunes as the company faces questions about its future. Intel processors are the heart of more than 90 percent of the world’s laptops and almost all server computers, yet delays in introducing new chip-manufacturing technology have led some analysts to warn that the company is more vulnerable to competition than it has been for decades.

The chipmaker reported record sales and profit for 2018, but fell short of analysts’ projections for the fourth quarter and gave a disappointing forecast for 2019.

Qualcomm announced that Dave Wise, the company’s treasurer, would take over as interim CFO while it seeks a permanent replacement for Davis.

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