Qualcomm Taps Second Interim CFO This Year -- 3rd Update

Date : 08/23/2019 @ 11:59PM
Source : Dow Jones News
Stock : QUALCOMM Inc (QCOM)
Quote : 78.69  0.65 (0.83%) @ 11:53PM

Qualcomm Taps Second Interim CFO This Year -- 3rd Update

QUALCOMM (NASDAQ:QCOM)
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By Dave Sebastian and Mark Maurer 

Qualcomm Inc. said Friday its interim finance chief David Wise is retiring.

The move is effective Friday. The finance-chief change is the company's second one this year.

Mr. Wise has served in the interim role since April when George Davis left the company after six years as chief financial officer. Mr. Davis is now the CFO of Intel Corp.

Mr. Wise previously served as Qualcomm's senior vice president and treasurer. He joined the company in 1997.

Qualcomm said Akash Palkhiwala, the senior vice president of finance and the finance chief of Qualcomm CDMA Technologies, has become its interim CFO while the company looks for a permanent replacement. Qualcomm said Mr. Wise will remain in a consulting capacity.

Mr. Palkhiwala joined Qualcomm in 2001, having been in senior finance roles for more than 10 years.

Mr. Wise had informed the company of his plans to retire before accepting the interim position, agreeing to extend his employment until the conclusion of his service, according to an April regulatory filing.

But analysts said the timing of his departure -- while the company's search for a permanent CFO is ongoing -- is unusual. "The timing suggests they're not imminently filling the permanent slot," said Stacy Rasgon, an analyst for Sanford C. Bernstein & Co., who follows the company.

Also on Friday, A federal appeals court froze a ruling that Qualcomm had committed an array of antitrust violations, a boost for the chip maker that allows it to maintain its business practices for now.

The Federal Trade Commission had sued the company, alleging it engaged in an illegal monopoly that harmed smartphone manufacturers and rival chip producers.

Last month, the company cut its full-year forecast for smartphone sales and warned that challenges emanating from China are hurting its business.

"The business right now looks horrendous," Mr. Rasgon said. "I've been covering the stock for 10 years and the recent guidance was the worst I've ever seen [for the company]."

The CFO announcement was made after the end of regular trading on the Nasdaq. Qualcomm's shares closed at $73.52, down 4.7%. Shares were up 0.37% to $73.79 in after-hours trading.

Write to Mark Maurer at mark.maurer@wsj.com

 

(END) Dow Jones Newswires

August 23, 2019 18:44 ET (22:44 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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