Bill Keitel Stepping Down as Qualcomm CFO

Qualcomm said on Wednesday that executive vice president and chief financial officer William Keitel has decided to retire after serving the company since 1996.

According to the company, George S. Davis, who is currently the executive vice president and chief financial officer of Applied Materials, Inc., will replace Keitel effective March 11, 2013. Keitel will remain as CFO until that date, and then will help with the transition as special adviser to the CEO until December 31, 2013. Meanwhile, Davis will report to Qualcomm's chairman and chief executive officer, Paul Jacobs.

"We are pleased to add George to the Qualcomm executive team and I look forward to working closely with him," said Jacobs. "His financial expertise and leadership will be instrumental as we continue to expand our business and strive to deliver strong financial results."

Davis served as chief financial officer of Applied Materials for more than six years during his 13-year tenure. Prior to his CFO role, he held other leadership roles including corporate treasurer and head of the Corporate Business Development group. He was also responsible for the company's activities in information technology, government affairs and corporate relations.

Keitel became EVP of Qualcomm back in December 2003, and CFO in February 2002. Prior to those roles, he served as Senior Vice President and Corporate Controller from May 1999 to February 2002. He holds a B.A. degree in Business Administration from the University of Wisconsin and an M.B.A. from Arizona State University.

"Bill's leadership has played a key role in establishing Qualcomm as a company known not only for its leading-edge technology, but also for our superb financial performance and rigorous financial discipline," said Jacobs. "I appreciate Bill giving the Company the time to engage in an orderly process to identify his successor and for his willingness to help facilitate a smooth transition to George."

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