Qualcomm Names New CEO

Qualcomm Incorporated has announced that its Board of Directors has unanimously approved a succession plan for executive management of the Company. Steve Mollenkopf was promoted to Chief Executive Officer-elect of Qualcomm, and appointed to its Board of Directors. He will continue to serve as the Company’s President. Effective March 4, 2014, following the Company’s 2014 Annual Meeting of Stockholders, Mollenkopf will become Chief Executive Officer. In this role, he will assume overall responsibility for Qualcomm, including all lines of business and all functional groups in the Company. On March 4, 2014, Dr. Paul E. Jacobs will assume the role of Executive Chairman, helping guide development of new technology and Qualcomm’s long-term opportunities.

Qualcomm’s board of directors is responsible for ensuring the continuity of the Company’s senior leadership and that the executive team possesses the experience, skills and character required to achieve the Company’s goals. With this announcement, we enable a smooth transition to a proven executive in Steve Mollenkopf, while providing for ongoing executive guidance and Board-level leadership from Paul Jacobs. Qualcomm’s Board of Directors unanimously approved the appointment of Steve Mollenkopf to the board of directors and his transition to CEO. We have the highest degree of confidence that his leadership will further expand Qualcomm’s impressive record of innovation and continued stockholder value creation,”

Sherry Lansing, Presiding Director of Qualcomm’s Board of Directors and chair of its Governance Committee.

“I am honored to have been chosen by the board to lead Qualcomm into the next exciting era of the Company,” said Steve Mollenkopf“Qualcomm’s focus on execution in product and technology development has helped to establish us as a leader in wireless with our partners. I look forward to working with our executive team and our employees in driving growth for our Company and the entire mobile ecosystem as it transitions to 4G and beyond”.

The news also kills off the speculation that he would move to Microsoft as his name was being touted as a possible replacement to Steve Ballmer.

We want to thank Paul for his leadership and strategic vision in the almost nine years since he was appointed CEO,”

“His innovations have helped define the smartphone world that we live in today. He has guided Qualcomm through extraordinary growth where the Company’s market cap more than doubled, revenues more than quadrupled and GAAP EPS more than tripled during his tenure as CEO.” said Lansing.

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