Davis, 61, joins Intel from Qualcomm where he served as executive vice president and CFO since March 2013. At Qualcomm, Davis served on the company’s executive committee and was responsible for leading the global finance organization, IT and investor relations.

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 immediate.

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 when Intel's Swan served on the board of directors.

Davis served six years as CFO for Applied Materials, with responsibility for finance, IT, strategy and corporate development, as well as government relations.

Davis said: “I’m thrilled to be joining the Intel team.With demand for the analysis, transmission and storage of data growing faster than ever, no company in the world is better positioned to capitalise on that opportunity than Intel. It’s an exciting time for Intel, and I’m looking forward to playing a role in the company’s transformation.”