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Intel Gets New CFO from Qualcomm

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Apr. 3 2019, Published 11:54 a.m. ET

Intel appoints CFO

Tech giant Intel (INTC) has named George Davis as its new chief financial officer (or CFO). He will be responsible for overseeing Intel’s global finance organization as well as information technology.

Davis has been CFO of Intel’s rival Qualcomm (QCOM) for the past six years and resigned from the company on April 2, effective today. He was also a member of Qualcomm’s executive committee. Qualcomm’s board has appointed David Wise, the senior vice president and Treasurer, as its interim CFO until it gets a permanent replacement. Davis has also worked as a CFO at Applied Materials (AMAT) for six years.

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Intel’s executives

Davis will report to CEO Robert Swan, who was permanently appointed to the CEO position on January 31. Notably, Swan served as both CFO and interim CEO for seven months since June 2018, when the chipmaker had to remove Brian Krzanich from the company after it was revealed that he had violated Intel’s non-fraternization policy in a past relationship with an Intel employee. Like Intel, top executives of established players like JD.com (JD), Alphabet (GOOGL), CBS (CBS), and Guess (GES) have also had to leave their companies on allegations of sexual harassment and assault.

Stock price movement

Intel stock increased 16.6% in the year-to-date period as of April 2, 2019. Rivals NVIDIA (NVDA), Broadcom (AVGO), Advanced Micro Devices (AMD), and Micron (MU) gained ~37.2%, ~20.2%, ~44.9%, and ~33.8%, respectively, in the same period.

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