Intel’s CFO Announces Plans to Retire Next Year

Intel has released its Q3 2021 earnings report, revealing all-time record revenue in the company’s Internet of Things Group as well as the upcoming retirement of its CFO, George Davis.

Davis, who joined the tech company in 2019 from rival Qualcomm, will officially step away from Intel’s top finance role in May 2022. He will continue to serve in his current role until his successor (which the company is currently searching for) is appointed, after which he’d likely transition into an advisory role until his departure date.

As CFO, Davis leads Intel’s global finance organization, which includes the company’s finance, accounting and reporting, tax, treasury, internal audit, and investor relations functions. He also has oversight of the company’s information technology organization.

The announcement from Davis comes less than a year after Pat Gelsinger was named Intel’s CEO. Over the past eight months, Gelsinger has revamped the company’s management, bringing in a new Chief People Officer and reorganizing the leadership of several important business units.

An Intel spokesperson told The Wall Street Journal that Davis' retirement and Gelsinger’s appointment aren’t related. However, as The Wall Street Journal reports, his decision follows a pattern of CFOs departing companies in the wake of a new CEO as they often work closely together.