US mobile chipset maker, Qualcomm, has named its current president and chief operating officer, Steve Mollenkopf, as its new CEO and president, effective March 4, 2014.
In his new role, Mollenkopf will assume overall responsibility for Qualcomm, including all lines of business and all functional groups in the company.
Mollenkopf, who has been with Qualcomm for almost 20 years, will replace existing CEO, Dr. Paul E. Jacobs. The company said that Jacobs will remain as executive chairman of the board, helping guide development of new technology and long-term opportunities.
Mollenkopf has held various senior positions at Qualcomm including leading the chipset business (QCT). Under his leadership, Qualcomm became the world’s largest mobile chipset supplier and a major player in LTE technology.
Under Mollenkopf, QCT also completed the $3.1 billion acquisition of Atheros, the company’s largest acquisition to date, to accelerate the expansion of Qualcomm’s technologies and platforms beyond cellular.
Mollenkopf's promotion followed closely from media reports that his name was on the shortlist as a potential candidate to become CEO of Microsoft. In an interview with Bloomberg, Paul Jacobs said: "Our executives are very talented and very sought after. The timing is a little faster than we originally planned but the key thing is to make sure we kept management continuity."
Sherry Lansing, presiding director of Qualcomm’s board of directors and chair of its governance committee, said: “Qualcomm’s Board of Directors unanimously approved the appointment of Steve Mollenkopf to the board of directors and his transition to CEO. We have the highest degree of confidence that his leadership will further expand Qualcomm’s impressive record of innovation and continued stockholder value creation.”