Former Qualcomm exec takes up CFO job at Intel

George Davis fills shoes left vacant by new CEO Bob Swan

Intel has filled the CFO role left empty after former incumbent Bob Swan took the reins as CEO in January.

George Davis has been appointed to the role, taking over from interim CFO Todd Underwood. He will also be responsible for the firm's IT business.

Davis moved to Intel after a six-year stint at rival chipmaker Qualcomm where he held the roles of EVP and CFO.

CEO Bob Swan, who was made permanent CEO in January, said: "I know George is a world-class CFO, leader and team-builder.

"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.

"Our owners can expect a continued disciplined approach to capital allocation and a relentless focus on creating stockholder value."

The company saw record-breaking revenues for its fiscal 2018 and predicts an end to the chip shortage by the end of H1 2019.

Davis said he was thrilled at the appointment.

"With demand for the analysis, transmission and storage of data growing faster than ever, no company in the world is better positioned to capitalize on that opportunity than Intel," he stated.

"It's an exciting time for Intel, and I'm looking forward to playing a role in the company's transformation."