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Qualcomm Poaches Applied Materials' CFO to Replace its Own

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On Wednesday, in twin announcements, it was revealed first that Qualcomm (NASDAQ: QCOM  ) Chief Financial Officer Bill Keitel has decided to step down from his post, effective March 11 -- but also that Qualcomm has found a replacement already.

That's the second revelation: Semiconductor equipment maker Applied Materials (NASDAQ: AMAT  ) announced today that its CFO -- George S. Davis -- is also stepping down, effective March 8. Three days later, though, he'll be stepping into Keitel's shoes, and assuming the post of CFO for Qualcomm.

For his part, after retiring, Keitel will continue to work for Qualcomm as a "special advisor to the CEO" for the rest of this year.

As for Applied Materials, it appears to be on the losing end of this game of executive musical chairs, having no one picked out just yet to replace Davis. The company noted that it hopes to name a successor sometime "in the coming weeks."

Nonetheless, Applied Materials shares seem none the worse for wear, closing 0.5% higher Wednesday, at $12.86, then tacking on further gains in the after-hours market. Qualcomm, meanwhile, benefiting from a simultaneous announcement of strong Q4 earnings,  posted a small rise during regular trading (0.1%), then leapt sharply after hours, and after the announcements were made. Qualcomm was last reported up 6.4%, at $67.60.

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Related Tickers

9/23/2016 4:00 PM
AMAT $29.66 Down -0.63 -2.08%
Applied Materials CAPS Rating: ****
QCOM $62.75 Down -0.77 -1.21%
Qualcomm CAPS Rating: ****