(Updates with analyst’s comment in fourth paragraph.)
Dec. 13 (Bloomberg) -- Qualcomm Inc. promoted Steve Mollenkopf to chief executive officer as the company works to extend its lead as the world’s largest maker of chips for mobile phones.
Mollenkopf, 44, who had previously been chief operating officer, will become CEO effective March 4, the San Diego-based company said today in a statement. He will join the board and continue to serve as Qualcomm’s president. Paul Jacobs, the current CEO, will become executive chairman.
Mollenkopf was a candidate to replace Steve Ballmer as CEO at Microsoft Corp., people familiar with the matter said this week. After joining Qualcomm in 1994 as an engineer, Mollenkopf rose to become head of the chip business, QCT, in 2008. While leading the group, he bought chipmaker Atheros for $3.1 billion in 2011, making Qualcomm’s largest acquisition.
“He helped transform Qualcomm from simply a wireless chip supplier to a leading developer of processors for mobile devices,” said Roger Entner, an analyst at Recon Analytics in Dedham, Massachusetts.
Qualcomm rose less than 1 percent to $73 in early trading. Through yesterday, the shares had added 18 percent this year.
The company gets revenue from sales of smartphone chips and collects license fees from wireless providers for the shipment of most Internet-capable handsets.
4G Chips
Qualcomm’s leadership in cellular baseband chips has given it a dominant position in so-called fourth-generation devices. It has averaged a 31 percent annual sales gain in its past three fiscal years. The chipmaker, trying to bolster its position, introduced a new Snapdragon processor last month that can handle the highest quality video and higher resolution photos.
Still, Qualcomm’s growth prospects are threatened in China. The country’s National Development and Reform Commission began an investigation last month related to an anti-monopoly law.
Mollenkopf’s compensation last year totaled $14.2 million, according to data compiled by Bloomberg. He has a bachelor of science degree in electrical engineering from Virginia Tech and a Master of Science degree in electrical engineering from the University of Michigan.
--Editors: Nick Turner, Niamh Ring
To contact the reporters on this story: James Callan in New York at [email protected]; Scott Moritz in New York at [email protected]
To contact the editor responsible for this story: Nick Turner at [email protected]
Dec. 13 (Bloomberg) -- Qualcomm Inc. promoted Steve Mollenkopf to chief executive officer as the company works to extend its lead as the world’s largest maker of chips for mobile phones.
Mollenkopf, 44, who had previously been chief operating officer, will become CEO effective March 4, the San Diego-based company said today in a statement. He will join the board and continue to serve as Qualcomm’s president. Paul Jacobs, the current CEO, will become executive chairman.
Mollenkopf was a candidate to replace Steve Ballmer as CEO at Microsoft Corp., people familiar with the matter said this week. After joining Qualcomm in 1994 as an engineer, Mollenkopf rose to become head of the chip business, QCT, in 2008. While leading the group, he bought chipmaker Atheros for $3.1 billion in 2011, making Qualcomm’s largest acquisition.
“He helped transform Qualcomm from simply a wireless chip supplier to a leading developer of processors for mobile devices,” said Roger Entner, an analyst at Recon Analytics in Dedham, Massachusetts.
Qualcomm rose less than 1 percent to $73 in early trading. Through yesterday, the shares had added 18 percent this year.
The company gets revenue from sales of smartphone chips and collects license fees from wireless providers for the shipment of most Internet-capable handsets.
4G Chips
Qualcomm’s leadership in cellular baseband chips has given it a dominant position in so-called fourth-generation devices. It has averaged a 31 percent annual sales gain in its past three fiscal years. The chipmaker, trying to bolster its position, introduced a new Snapdragon processor last month that can handle the highest quality video and higher resolution photos.
Still, Qualcomm’s growth prospects are threatened in China. The country’s National Development and Reform Commission began an investigation last month related to an anti-monopoly law.
Mollenkopf’s compensation last year totaled $14.2 million, according to data compiled by Bloomberg. He has a bachelor of science degree in electrical engineering from Virginia Tech and a Master of Science degree in electrical engineering from the University of Michigan.
--Editors: Nick Turner, Niamh Ring
To contact the reporters on this story: James Callan in New York at [email protected]; Scott Moritz in New York at [email protected]
To contact the editor responsible for this story: Nick Turner at [email protected]