Qualcomm Inc. (QCOM) – Get Report said Tuesday that longtime CEO Steve Mollenkopf will action down as head of the network equipment maker to make way for present-day president Cristiano Amon.
Mollenkopf, who has guide the group for virtually seven decades immediately after signing up for in 1995, will carry on to serve as a strategic advisor to Qualcomm for an undisclosed period of time of time, the enterprise reported.
Mollenkopf, 52, steered Qualcomm into a rewarding settlement with Apple Inc. AAPL that finished a settled a two-12 months authorized fight about royalties owed on the sale of iPhones and other units featuring Qualcomm’s intellectual residence. He also failed to defeat a U.S. Federal Trade Fee allegation in 2019 that Qualcomm abused its industry dominance in the industry for semiconductors that link modems and smartphones, wherever licenses make the San Diego-based mostly corporation around $5 billion a calendar year.
“I am immensely proud of all that we have achieved at Qualcomm and the situation the Firm at present enjoys as the world’s leader in wi-fi technologies,” Mollenkopf said. “With our business design plainly validated and our management in 5G, this is the suitable time for Cristiano to suppose leadership of the Business and preside over what I see as the single biggest prospect in the Company’s record.”
“Cristiano spearheaded the progress of our 5G technique, which includes its acceleration, business-major technologies roadmap and world rollout,” he included. “He was also a crucial architect and driver of Qualcomm’s technique to develop and diversify our company over and above cell and into new business segments these kinds of as Vehicle, RF Entrance-Finish and IoT. Qualcomm is nicely positioned for the future and I am self-assured that with Cristiano as CEO, the Company will continue to invent leading technologies and make price for all of our stakeholders.”
Qualcomm shares had been marked 2.1% increased in early buying and selling subsequent news of his departure to transform hands at $151.80 every single, extending its six-month acquire to all-around 61%.
Qualcomm shares have acquired 94% due to the fact Mollenkopf began his tenure as CEO on March 4, 2014, in contrast to a 197% acquire for the Nasdaq Composite benchmark.
Amon, 50, has served as Qualcomm president for the past three yrs and has been accountable for the group’s world functions and its semiconductor business enterprise.