At Intel, Davis will fill the role vacated when Bob Swan was named CEO in January.
Davis, 61 years old, worked at Qualcomm since 2013. He will lead Intel's global finance organization and also oversee the company's information technology organization, the company said.
"I'm thrilled to be joining the Intel team," Davis said. "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."
Davis and Swan have worked together before. Before joining Qualcomm, Davis served as chief financial officer of Applied Materials at the same time that Swan served on the board, Reuters noted.
Qualcomm, meanwhile, named David Wise, senior vice president and treasurer, as interim chief financial officer while the company searches for a permanent replacement, Qualcomm said in a statement.
Intel shares were rising 1.5% in trading Wednesday to $55.15, while Qualcomm fell 0.5% to $57.81.
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