San Diego Business Journal

New Qualcomm Leader Is Officially in Charge

By Brad Graves Tuesday, March 4, 2014
Steve Mollenkopf photo courtesy of Qualcomm Inc.

Steve Mollenkopf photo courtesy of Qualcomm Inc.

Qualcomm Inc. announced an historic management transition as well as a $5 billion increase in its stock repurchase plan on March 4, the day of its annual shareholder meeting.

It was a day that saw Paul Jacobs turn over the CEO’s job to former President and COO Steve Mollenkopf. The transition had been planned — though it may have been accelerated when Microsoft Corp. (Nasdaq: MSFT) apparently began considering Mollenkopf for its CEO job. Mollenkopf is the first person who is not a member of the Jacobs family to run the corporation.

The directors’ decision to buy back shares means that Qualcomm (Nasdaq: QCOM) now has the authority to repurchase $7.8 billion worth of shares. The corporation said that to date in its 2014 fiscal year, it has repurchased 27.6 million shares of stock for $2 billion.

Also on March 4, Qualcomm announced that its cash dividend will increase 20 percent, from 35 cents per share to 42 cents per share.