Qualcomm Names Keitel CFO

Qualcomm ( QCOM) named William E. Keitel chief financial officer, replacing Anthony Thornley, who becomes president in addition to his current title of chief operating officer.

Keitel has been the company's corporate controller since 1998 following stints at Nortel and PepsiCo.

The company gave no reason for the reshuffling in its press release. Qualcomm was the subject of a research report last week from the Center for Financial Research and Analysis that said it had recorded revenue in exchange for non-cash consideration and accepted non-cash consideration for receivables removed from its balance sheet.

Thornley was quoted in press reports saying the research took facts out of context and that Qualcomm had "the highest standards" of accounting and corporate governance.

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