- Push-out Score determined
- After around seven years in the position
- Praise and thanks for Mollenkopf
- Cristiano Amon taking over
- Mollenkopf spoke at length and said 145 words
(exechange) — San Diego, California, January 5, 2021 — Steve Mollenkopf, chief executive of Qualcomm, leaves. As announced by Qualcomm Inc. in a news release on Tuesday, January 5, 2021, Steve Mollenkopf leaves his post as chief executive officer of the mobile-phone chip giant after around seven years in the role, effective June 30, 2021.
The announcement of Steve Mollenkopf’s move comes 17 months after Mark McLaughlin took over as Chair of the Board of Qualcomm Inc.
Steve Mollenkopf’s duties as CEO will be taken over by Cristiano Amon, currently President of Qualcomm Inc.
“The right time”
Steve Mollenkopf’s departure from the CEO post is explained as follows. Mollenkopf said: “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.”
Precise information regarding Steve Mollenkopf’s future plans was not immediately available.
Qualcomm said: “Mollenkopf informed the Board of his decision to retire as CEO following 26 years with the Company.”
Share price increase since January 2020
The announcement follows an increase in Qualcomm Inc.’s share price of 67% since January 2020.
Chaired by Mark McLaughlin
Mark McLaughlin serves as Qualcomm Inc.’s Chair of the Board.
Mark D. McLaughlin has served as the Company’s Chair of the Board of Directors since August 2019 and as a director of the Company since July 2015. McLaughlin has been the Vice Chairman of the Board of Palo Alto Networks, Inc., a network security company, since June 2018.
In the position of CEO since 2014
Steve Mollenkopf became CEO of the Company in 2014.
Mollenkopf will continue his employment with the Company as a strategic advisor for a period of time.
Mollenkopf has served as the Company’s Chief Executive Officer since March 2014 and as a director since December 2013.
He served as Chief Executive Officer-elect and President from December 2013 to March 2014 and as President and Chief Operating Officer from November 2011 to December 2013.
In addition, he served as Executive Vice President and Group President from September 2010 to November 2011, and as Executive Vice President and President of QCT from August 2008 to September 2010.
Mollenkopf joined Qualcomm in 1994 as an engineer and throughout his tenure at Qualcomm has held several other technical and leadership roles.
Mollenkopf served as a director of General Electric Company from November 2016 to April 2018.
Mollenkopf holds a B.S. degree in Electrical Engineering from Virginia Tech and an M.S. degree in Electrical Engineering from the University of Michigan.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Steve Mollenkopf’s move on a scale of 0 to 10.
exechange reached out to Qualcomm and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 2.2021 ($).