Qualcomm CFO Leaves To Join Rival Intel

QUALCOMM, Inc. QCOM, which is entangled in a legal mess with several of its tech peers, now has another rivalry issue to contend with, as Intel Corporation INTC poached one of its top executives.

Qualcomm announced late Tuesday that CFO George Davis, who has had a six-year stint at the chipmaker, is leaving effective immediately. 

The company announced the appointment of SVP and Treasurer David Wise as CFO on an interim basis.

Simultaneously, Intel announced the appointment of Davis as its EVP and CFO effective Wednesday. Davis will report to CEO Bob Swan and oversee the chip giant's global finance organization, Intel said.

The CFO role was held on an interim basis by CEO Swan since January.

"I know George is a world-class CFO, leader and team-builder," Swan said in a statement. 

"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."

Davis joins Intel at a time when Swan is going all-out to revive the sagging fortunes of the company, which has struggled with manufacturing delays and CPU shortages. 

Intel shares were surging 1.86 percent to $55.37 at the time of publication Wednesday, while Qualcomm shares were losing 0.62 percent to $57.73. 

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Photo courtesy of Intel.