Intel Grabs New CFO From Qualcomm -- Update

By Stephen Nakrosis and Maria Armental 

Intel Corp. on Tuesday said George S. Davis will join the company as its new chief financial officer, stepping into the role vacated by now Chief Executive Bob Swan.

Mr. Davis, 61 years old, for the past six years worked as CFO at Qualcomm Inc. A member of The Wall Street Journal CFO Network, he will oversee Intel's global finance organization, the company said, adding he will also oversee its information technology organization. He will take the role effective April 3.

In January, Intel promoted Mr. Swan to CEO, capping a roughly seven-month search after Brian Krzanich resigned for violating company policy by having a relationship with a co-worker.

Last month, Intel's board cleared the way for Andy Bryant to stand for re-election to serve another year as chairman.

"Mr. Bryant's extensive expertise and experience provide important leadership continuity, particularly to help support Intel's new CEO, Robert H. Swan, during a time of substantial business transformation," the company said in a securities filing.

The Silicon Valley chip giant has been trying to grow beyond a "PC-centric company with a server business," pushing deeper into "data-centric businesses," including data centers and the so-called Internet of Things.

Still, the client computing group--which includes PC chips--remains the company's largest unit, bringing in more than half of its operating profit and revenue in the most recent year.

On Tuesday, Qualcomm said David Wise, senior vice president and treasurer, would take the CFO role on a temporary basis while the company searches for a permanent replacement.

Mr. Wise joined Qualcomm in 1997 and has held a variety of roles in finance, and corporate development and strategy, the company said. He has been part of Qualcomm's senior finance leadership team for more than 12 years.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

April 02, 2019 22:53 ET (02:53 GMT)

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