Mollenkopf to replace Jacobs as CEO of Qualcomm
US mobile chip maker Qualcomm (Nasdaq: QCOM) has approved CEO Paul Jacobs' decision to step down as CEO of Qualcomm, making way for Steve Mollenkopf to be promoted to the role, Qualcomm said in a statement.
Mollenkopf was appointed to Qualcomm's board of directors and 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 CEO.
Jacobs will assume the role of executive chairman, helping guide development of new technology and Qualcomm's long-term opportunities.
In his nearly 20 years at Qualcomm, Mollenkopf has held a variety of positions including leading the chipset business (QCT) toward the migration to LTE technology. Under Mollenkopf, QCT also completed the US$3.1bn acquisition of Atheros, the company's largest acquisition to date, to accelerate the expansion of Qualcomm's technologies and platforms beyond cellular.
Referring to Jacobs, Mollenkopf said, "His innovations have helped define the smartphone world that we live in today."
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