US: Qualcomm’s former CEO out as board chair

Qualcomm said Friday that Paul Jacobs, former CEO and son of the company’s co-founder, is stepping down as executive chairman. Independent board member Jeffrey W. Henderson will serve as non-executive chairman of the board, while Jacobs will remain a director.

The board named Jeffrey Henderson, who has served as an independent director on the company since 2016, as its next non-executive chairman. As part of the move, Qualcomm eliminated the role of executive chairman. Mr Jacobs will continue to serve on the board.

The reshuffle at the very top comes as Qualcomm tries to beat back a $142bn hostile offer from Singapore’s Broadcom, which has led a bitter and very public four-month campaign to win control of the US company.

“The board is committed to the principles of strong corporate governance and believes that having an independent director as chairman at this important juncture in Qualcomm’s history is in the best interest of the company and our stockholders,” said Tom Horton, the lead director on the board.

Full Content: Qualcomm & Financial Times

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