Qualcomm, a multinational semiconductor company, recently announced that Steve Mollenkopf will succeed Paul Jacobs as the new CEO and President. This news has been met with optimism and excitement as Mollenkopf is well-respected in the tech industry.
In this article, we’ll delve into Mollenkopf’s career, why the change was made, and what the implications of this change could be.
Background on Qualcomm
Qualcomm is a leading provider of wireless technology and services. The company was founded in 1985 and is headquartered in San Diego, California. It designs, develops, manufactures, and markets digital communications products and services based on its technologies. Qualcomm is known for its expertise in CDMA (Code Division Multiple Access) technology, 4G LTE (Long Term Evolution) system architecture, multicore central processing units (processors), graphics processing units (GPUs), and high-performance computing devices. Additionally, the company provides intellectual property licensing services related to 3GPP standards of mobile devices including GSM/GPRS/EDGE, WCDMA/HSPA/HSPA+ access networks, and higher capacity networks such as LTE/LTE-Advanced.
Qualcomm is a member of the S&P 500 index with a current market capitalization of over $97 billion. The company has over 48,000 employees worldwide with research and development teams in the US, China, Europe and India. Qualcomm has customers around the globe including Apple Inc., Samsung Electronics Co., LG Electronics Inc., Huawei Technologies Co., Nokia Corporation and Lenovo Group Ltd among others.
In July 2019 Mollenkopf became the Chairman & CEO at Qualcomm succeeding former chairman Paul Jacobs who now serves as executive chairman at the company.
Overview of former CEO Paul Jacobs
Paul Jacobs was the former CEO of Qualcomm. He was Wells Fargo’s Chief Financial Officer, before taking over as company leader in 2005. Jacobs served in this role for a decade, during which time he transformed Qualcomm into one of the world’s best-known technology companies. Under his leadership, the firm more than quadrupled its market capitalization and launched connectivity solutions that touch virtually every device and have made mobile communications accessible to billions of people worldwide.
Jacobs also played a major role in driving company culture and innovation, positioning Qualcomm for success in the new era of 5G, autonomous vehicles, healthcare and other emerging technologies. To ensure that Qualcomm prepares those technologies for large-scale adoption he strategically held accountable key stakeholders across business units to focus on customer needs while setting high standards for return on investment. In addition, he created incentives that reward executives when desired milestones are achieved and drove digital transformation efforts across four generations of industries.
Jacobs also instilled a social conscience among Qualcomm’s leaders with initiatives that encourage environmental sustainability through philanthropic investments and generation of diverse board representation for gender equity crossing all its businesses spanning over numerous geographies.
Qualcomm Names Steve Mollenkopf CEO and President
Steve Mollenkopf has recently been named Qualcomm’s new CEO and President, succeeding Paul Jacobs. Mollenkopf has been with Qualcomm since 1993 and has a long history of success.
Let’s look at his career and how he earned his current position.
Previous roles
Before joining Qualcomm, Steve Mollenkopf had various roles throughout his career. From 1998 to 2000, he was an IT design and development manager for Cantor Fitzgerald. From 2000 to 2004, he worked for Microsoft as a senior development lead of the Windows Networking Team.
In 2005, Steve joined Qualcomm as Senior Vice President of the CDMA Technologies division. As leader of this division for over four years, he worked on the core technology used in most mobile devices. He then moved into various vice presidential roles, overseeing engineering efforts and international operations.
After eight years at Qualcomm, Steve was appointed CEO in 2014 taking over from Paul Jacobs who served as CEO since 2005. His responsibilities include overseeing global strategy and execution while continuing to upgrade products and build partnerships with other companies worldwide. Under his leadership, Qualcomm has seen significant growths in market capitalization, revenue and profits which continue to press them forward into becoming one of the leading firms in the mobile technologies industry.
Achievements
Steve Mollenkopf has achieved much throughout his career in the tech industry. He has appeared on the Forbes “America’s Best CEOs” list, and was recognized as one of Silicon Valley’s “40 Under 40” by Fortune Magazine. In addition, he was appointed as an Independent Director on the Microsoft Board in 2014.
His accomplishments include years of success at Qualcomm, where he initially joined as a product engineer in 1994 and was appointed Chief Operating Officer a decade later. In 2011 he was named President and CEO, leading the company for another five years. During his tenure at Qualcomm, Steve oversaw the expansion of 3G/4G chipsets, attracted strategic investments from institutional investors, and executed partnerships with Apple and others while delivering products to China Mobile that launched LTE service there.
From 2016-2019 he served as Executive Chairman and guiding Qualcomm through their acquisition of NXP Semiconductors to create an automotive heritage business that supports future car technology innovation. Throughout his accomplishments Steve has won numerous awards including being named 2013 Telecom Industry Person of the Year by Global Telecoms Business magazine, 2013 IEEE Daniel Noble Medal Award Recipient by IEEE–USA, 2016 Protocol Hall of Fame inductee by Protocol Magazine among many more recognitions for his advancements in the tech industry.
Qualcomm’s Announcement
On December 12th, Qualcomm announced that Steve Mollenkopf will replace Paul Jacobs as the new CEO and President of the company. Steve Mollenkopf has a strong track record in the telecommunications industry and is best known for his work on data-driven technologies and services.
Qualcomm’s Board of Directors believes that Steve Mollenkopf is the right person to lead the company into the future.
Date of announcement
On March 14, 2019, Qualcomm Incorporated announced that Steve Mollenkopf would succeed Paul Jacobs as CEO. Mollenkopf had previously served as the Chief Executive Officer at Qualcomm since 2014, and held this position until the announcement was made.
Before this role, he held several leadership positions at Qualcomm including President and Chief Operating Officer (COO). He was integral to its transformation from a technology innovator to a global force in mobile communications.
The announcement satisfied investors worried about the company’s fate after Jacobs resigned in February 2019.
Details of the appointment
On June 4th, 2018, Qualcomm Incorporated announced that Steve Mollenkopf would succeed Paul Jacobs as Chief Executive Officer. Mollenkopf has been with Qualcomm since 1994 and has extensive knowledge in 5G and other market leading technologies. In addition, he is said to be very familiar with the issues surrounding Qualcomm’s current legal battles given his existing roles as Chairman of the Board and Chief Executive Officer.
Mollenkopf’s appointment marks another chapter in the company’s long-term succession planning process, which commenced early last year. The newly appointed CEO will focus on driving innovation while positioning the company to lead on 5G technologies. Jacobs described Mollkenopf as “the right executive to lead our talented team and ensure a smooth leadership transition,” citing his long record of successful product launches and deep technical knowledge of wireless products and markets as critical attributes for leading Qualcomm into a new era where 5G technology is becoming increasingly important.
Reaction to the Appointment
Industry-watchers have widely welcomed Qualcomm’s appointment of Steve Mollenkopf as their CEO and President. Mollenkopf is known for his impressive track record of driving growth and innovation in the tech sector and his appointment has been seen as a wise move by the company. This sets the stage for the company to go from strength to strength in the years to come.
Let’s look at how the experts have reacted to the appointment.
Response from industry analysts
Industry analysts are responding to the news of Qualcomm Chairman Paul Jacobs stepping down from his role as CEO, and the subsequent appointment of Steve Mollenkopf as his successor.
Most industry analysts agree that replacing Jacobs with Mollenkopf was the right decision, given his experience and track record at Qualcomm. In addition, supporters believe Mollenkopf is well-suited to take the reins of what is now a much larger, diversified organisation than when he first joined in 1994.
Moreover, investors have expressed optimism in anticipation of Mollenkopf’s plans to grow and diversify Qualcomm. He is expected to introduce exciting new products that should add value for shareholders and customers. In addition, analysts have already praised his commitment to small-scale innovation and intellectual property development.
The outlook on this changeover is positive in most quarters, with many believing that Mollenkopf will successfully take Qualcomm forward into a period of expansion and success.
Comments from Qualcomm’s board of directors
The board of directors at Qualcomm have expressed their great enthusiasm for appointing Steve Mollenkopf as the company’s new chief executive officer. According to Tom Volpe, chairman of the board at Qualcomm, “Steve is a proven leader and highly respected visionary who has made tremendous contributions to our company’s success. In addition, he brings an unwavering commitment to share values and a culture of innovation that will help us continue to grow, helping us roll out next-generation mobile experiences that raise the bar for our customers worldwide.”
Dean Garfield, director of public policy at Qualcomm, shared these sentiments, who added, “Steve has been a dedicated leader during his tenure as CEO. His deep knowledge of Qualcomm products and customer engagement make him ideally suited to building on the extraordinary legacy built by Paul Jacobs over more than 20 years.”
Mollenkopf’s vice president Yaqing Wange also had positive words, noting, “His experience in developing strategic partnerships and collaborations with global industry partners will play a key role as we evolve our business portfolio.” Qualcomm’s board also highlighted Steve’s ability to attract and retain diverse talent across all levels of seniority throughout his long tenure at the company.
The unanimous appointment is viewed by many as a sign that Qualcomm remains confident in its ability to innovate within ever-evolving mobile markets. With his deep understanding of this dynamic landscape, Steve Mollenkopf looks forward to guiding current and future efforts to make mobility more accessible and transformational worldwide.
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