Qualcomm boss Steve Mollenkopf steps down after seven tumultuous years
Qualcomm chief executive Steve Mollenkopf will step down after seven tumultuous years at the helm of the company.
He will be replaced by his deputy Cristiano Amon who was “unanimously selected” by the board following Mollenkopf’s decision to retire.
The end of Mollenkopf’s reign will allow Qualcomm to put its period of legal battles behind it, which included lawsuits alleging anti competitive behaviour from Apple and the US Federal Trade Commission.
Mollenkopf, who has been with Qualcomm for more than two decades, also battled with a hostile takeover bid from rival Broadcom.
“Steve navigated through unprecedented circumstances during his tenure, facing more in his seven years as CEO than most leaders face in their careers,” said Mark McLaughlin, chair of the board of directors.
Qualcomm was thrust into the trade war between the US and China when President Donald Trump blocked Broadcom’s bid over national security concerns.
Amon joined Qualcomm in 1995 as an engineer and has served as President of Qualcomm since January 2018. He has helped to spearhead the firm’s 5G strategy with a “new generation” of chips.
“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,” Mollenkopf said in a statement. “Cristiano spearheaded the development of our 5G strategy”.
Amon will take over on 30 June and Mollenkopf will stay on as an adviser for an unspecified period of time.
Shares in the firm climbed more than two per cent on the news.