Intel announces new CFO
Intel (INTC) announced the appointment of Qualcomm’s (QCOM) CFO George Davis as its new CFO. Two months ago, Intel’s CFO Bob Swan became the CEO. The appointment will be effective on April 3. Davis will report to Swan. The CFO appointment comes just a few days before the first-quarter earnings are released.
David Wise, Qualcomm’s senior vice president and treasurer, will be the CFO on an interim basis. Davis is the second high-profile Qualcomm executive to join Intel. Murthy Renduchintala, Qualcomm’s chipset business co-president, became the head of Intel’s client and Internet-of-Things business in November 2015.
Should investors be concerned about the new CFO?
Intel’s CFO position has been dynamic in the last few years. In September 2016, Intel’s then CFO Stacy Smith moved to handle the company’s operations. Swan was hired as the new CFO from outside the company. In less than two years, Swan became the interim CEO due to the abrupt resignation of former CEO Brian Krzanich for violating a company policy. Swan became the permanent CEO in January, which left the CFO position vacant.
Davis has served as Qualcomm’s CFO since March 2013. During his tenure at Qualcomm, the company maintained a strong balance sheet and gave strong returns to shareholders in the form of stock buybacks and dividends.
At Intel, Davis will look after the company’s global finance and IT organization. In the past, he worked with Swan at Applied Materials (AMAT). Davis was the CFO and Swan was on the board of directors.
In a press release, Swan said, “Our owners can expect a continued disciplined approach to capital allocation and a relentless focus on creating stockholder value.” Investors should look at the second-quarter earnings due on April 25. Davis might shed some light on his plans for Intel.
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