Qualcomm “hastily” promoted its non-family president, Steve Mollenkopf, to CEO, and Paul Jacobs stepped back to become chairman,
the
Financial Times
reported.
Mollenkopf is Qualcomm’s first CEO outside the Jacobs family.
The company made the move because Mollenkopf, a 20-year Qualcomm veteran, was a top candidate to replace Steve Ballmer as Microsoft’s CEO, the
FT
article said.
Jacobs, the son of Qualcomm’s co-founder, told the
FT:
“This transition is part of a succession plan that we’ve been working on for a while.”
Jacobs also acknowledged in the
FT
interview:
“It’s a little bit accelerated relative to what we were originally planning…. Obviously we have very talented executives and our people are very sought-after. What we really wanted to do was ensure the continuity of the management team.”
The
FT
report noted that since Paul Jacobs took over from his father in 2005, Qualcomm “has grown to become the world’s largest chipmaker by market capitalisation.” (Source:
Financial Times,
Dec. 13, 2013.)
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