QUALCOMM, Inc. (NASDAQ:QCOM) has named chief operating officer Steve Mollenkopf as the chief executive officer. This ends speculation that Mollenkopf may be poached by Microsoft as a successor to CEO Steve Ballmer. Mollenkopf will be replacing CEO Paul Jacobs. Jacobs is the 51-year-old son of one of the Qualcomm co-founders.
Mollenkopf will become CEO starting in March. His promotion comes at a time where Qualcomm is sitting on a cash pile of around $29.4 billion as of September 29th. Mollenkopf was essential in overseeing the $3.1 billion acquisition of radio frequency chip company Atheros Communications in 2011. Jacobs was CEO of Qualcomm since 2005. His father Irwin Jacobs co-founder Qualcomm in 1985.
One of the major issues that Mollenkopf has to deal with is an antitrust investigation in China. the top economic planning agency in China supposedly has substantial evidence against Qualcomm. Qualcomm makes around half of their revenues from China.