Steven Mollenkopf, CEO of Qualcomm
Mike Blake | Reuters
Qualcomm CEO Steve Mollenkopf is retiring and ought to restful be succeeded by chipmaker’s president, Cristiano Amon, on June 30, the firm presented Tuesday.
The circulate by the 52-year-extinct Mollenkopf comes at a high level for the San Diego firm, which is the largest maker of cellular-linked chips and stands to study as extra telephones join to 5G networks.
The firm honest honest lately emerged from a thicket of challenges including exchange model scrutiny from the Federal Change Price, a proper battle with Apple, and a antagonistic takeover strive from rival Broadcom.
Since 2014, when Mollenkopf grew to turn out to be CEO, Qualcomm stock has acquired 96.7%, with an create larger of 71.7% within the final year.
“Steve navigated thru unparalleled conditions throughout his tenure, facing extra in his seven years as CEO than most leaders face of their complete careers,” Qualcomm Chair Model McLaughlin acknowledged in a commentary.
Qualcomm fought off proper components with Apple and the FTC throughout Mollenkopf’s tenure. In 2019, it settled a lawsuit with Apple that questioned its exchange model of promoting both chips and licenses for wi-fi skills. Apple paid Qualcomm $4.5 billion and Apple’s iPhone 12 makes employ of Qualcomm’s 5G chips.
In August, Qualcomm scored a decisive victory in its battle with the FTC when a federal appeals court docket dominated that Qualcomm’s exchange practices weren’t anti-aggressive, largely ending a saga that noticed Qualcomm’s core exchange model under scrutiny from regulators all the scheme thru the arena.
In 2018, Qualcomm bought an unsolicited merger supply from Broadcom, a competing semiconductor maker that turned into basically based in Singapore on the time. The deal, which would occupy valued the mix at $117 billion, turned into scuttled by President Donald Trump, who cited national security concerns in blockading it.
Amon, 50, came up thru the firm’s cell chip division, and has been 2d-in-remark as president since 2018. Qualcomm acknowledged in November that it plans to ship 500 million cell chips with 5G in 2021.