Intel said that Davis would become chief financial officer effective Wednesday, reporting to Chief Executive Bob Swan.

Qualcomm Inc’s chief financial officer, George Davis, has left the company to become finance chief at rival Intel Corp, the two companies said on Tuesday.

Davis had been the mobile chip supplier’s finance chief since 2013 and also served on the executive committee of the company’s board of directors.

Qualcomm said it appointed David Wise, a longtime veteran of the company and its treasurer, as interim finance chief while it searches for a replacement for Davis, whose departure was effective Tuesday.

“On behalf of the Executive Team, I want to thank George for his dedicated service over the last six years at Qualcomm,” Qualcomm Chief Executive Steve Mollenkopf told Reuters in a statement. “We all wish him well in his future endeavours.”

Intel said that Davis would become chief financial officer effective Wednesday, reporting to Chief Executive Bob Swan.

Intel has been without a permanent finance chief since January, when Swan, who had joined as CFO in 2016, was promoted to become Intel’s chief executive.

Davis and Swan have worked together before. Before joining Qualcomm, Davis was the chief financial officer of semiconductor equipment firm Applied Materials Inc at the same time that Intel’s Swan served on the board of directors.

“I know George is a world-class CFO, leader and team-builder,” Swan said in a statement. “Our owners can expect a continued disciplined approach to capital allocation and a relentless focus on creating stockholder value.”

Qualcomm shares dipped 1 per cent to USD 57.50 in late trading after Reuters first reported that Davis was departing for Intel. Intel shares rose .1 percent to USD 54.46.