San Diego-based wireless baseband and mobile processor leader Qualcomm (NASDAQ:QCOM) named Steve Mollenkopf as its new CEO-elect today. Mollenkopf was promoted from his current role as President and Chief Operating Officer at the company, and will take over as chief executive officer after the company's annual stockholder's meeting on March 4, 2014.
Qualcomm said current CEO Dr. Paul E. Jacobs will become the executive chairman of the board on March 4, and will oversee development of new technology and long-term strategies at Qualcomm.
In a press release, Sherry Lansing, Presiding Director of Qualcomm's Board of Directors and chair of its Governance Committee, said, "With today's announcement, we enable a smooth transition to a proven executive in Steve Mollenkopf, while providing for ongoing executive guidance and Board-level leadership from Paul Jacobs." Lansing said the board's decision to promote Mollenkopf was unanimous.
Mollenkopf has been with Qualcomm for nearly 20 years and has led the company's chipset business and helped complete the company's $3.1 billion acquisition of Atheros -- Qualcomm's largest acquisition. He's also been credited with driving the company's global strategy.
"I look forward to working with our executive team and our employees in driving growth for our Company and the entire mobile ecosystem as it transitions to 4G and beyond," Mollenkopf said in the release.
Fool contributor Chris Neiger has no position in any stocks mentioned. The Motley Fool owns shares of Qualcomm. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.