RESEARCH TRIANGLE PARK – Chip maker Qualcomm, which has a substantial operation in the Triangle, will be getting a new CEO in June.
Steven Mollenkopf, 52, is stepping down as the firm’s top executive as of June 30, the tech giant announced early Tuesday. He has worked for Qualcomm the past 26 years and has chosen to retire and had been CEO since 2014.
Selected by Qualcomm’s board to replace him is Cristiano Amon, Qualcomm’s president.
“The move by the 52-year-old Mollenkopf comes at a high point for the San Diego company, which is the biggest maker of cellular-connected chips and stands to benefit as more phones connect to 5G networks,” reports CNBC.
“The company recently emerged from a thicket of challenges including business model scrutiny from the Federal Trade Commission, a legal battle with Apple, and a hostile takeover attempt from rival Broadcom.”
CNBC notes that Qualcomm stock (Nasdaq: QCOM) has nearly doubled in value during his tenure, including a near 72% jump in 2020.
“I am immensely proud of all that we have accomplished at Qualcomm and the position the Company currently enjoys as the world’s leader in wireless technologies,” Mollenkopf said in a statement. “With our business model clearly validated and our leadership in 5G, this is the right time for Cristiano to assume leadership of the Company and preside over what I see as the single largest opportunity in the Company’s history. Cristiano spearheaded the development of our 5G strategy, including its acceleration, industry-leading technology roadmap and global rollout. He was also a key architect and driver of Qualcomm’s strategy to expand and diversify our business beyond mobile and into new industry segments such as Auto, RF Front-End and IoT. Qualcomm is well positioned for the future and I am confident that with Cristiano as CEO, the Company will continue to invent leading technologies and create value for all of our stakeholders.”
Amon, 50, became company president in January 2018.
“I am honored to be named the next CEO of Qualcomm and appreciate the confidence that Steve and the Board have in me,” said Amon. “Qualcomm is an incredible Company. We have been at the forefront of innovation for decades and I look forward to maintaining this position going forward. In addition to driving the expansion of 5G into mainstream devices and beyond mobile, Qualcomm is set to play a key role in the digital transformation of numerous industries as our technologies become essential to connecting everything to the cloud. The need for our solutions has never been more pronounced and our leadership position has never been more evident. I look forward to working with our 41,000 employees around the world to create technologies that revolutionize the way people live, work and connect with each other.”
