In brief: Intel lures away another key player to team blue, this time from Qualcomm. Intel announced the hiring of former Qualcomm CFO and vice president George S. Davis as its new CFO. The chip maker had the position vacated on January when former CFO Bob Swan was made CEO. Davis left Qualcomm on April 2 and became Intel's new CFO effective April 3.

Intel has appointed a new CFO in the form of George S. Davis, former Qualcomm CFO and vice president. Intel states that Davis became CFO effective April 3 and will report directly to Intel CEO Bob Swan. Davis had been with Qualcomm since 2013.

Interim CEO Bob Swan was permanently promoted to the position on January. Swan joined as CFO in 2016, but took over CEO duties when former CEO Brian Krzanich unexpectedly resigned in 2018.

Davis and Swan have previous work experience together, as both were formerly employed by Applied Materials Inc. Swan served on the board of directors while Davis was CFO. Upon hiring Davis as the new CFO, Swan issued a statement. "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."

As CFO, Davis will also focus on investor relations and oversee Intel's IT organization.