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Bloomberg: Qualcomm CEO in Line for Raise

Qualcomm Inc. CEO Steve Mollenkopf is in line for a raise, according to a Sept. 19 report from Bloomberg News.

Citing unnamed sources, Bloomberg said the Qualcomm board is planning to announce a bigger pay package for Mollenkopf, who took the top job in March 2014.

A Qualcomm representative declined to comment on the claim.

The new compensation, Bloomberg said, is tied to progress Mollenkopf’s executive team has made in handling recent challenges to the company.

Qualcomm (Nasdaq: QCOM) avoided a hostile takeover by Broadcom earlier this year, then chose to back out of its planned acquisition of NXP Semiconductors N.V. when Chinese regulators held back their approval. It has been fighting Apple over intellectual property in several courts around the world. It has also faced allegations of anticompetitive practices in several countries — though it settled litigation with Taiwan on Aug. 8.

Qualcomm’s stock price has risen recently. Shares have been buoyed by a stock buyback program. The company is also working to cut expenses, and has been cutting jobs.

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