SAN DIEGO, March 4, 2014 /PRNewswire/ -- Qualcomm Incorporated (NASDAQ: QCOM) today announced the management transition of Steve Mollenkopf to chief executive officer and Dr. Paul E. Jacobs to executive chairman of the Board of Directors during the Company's 2014 Annual Meeting of Stockholders. As CEO, Mollenkopf will assume overall responsibility for Qualcomm, including all lines of business and all functional groups in the Company. In his role as executive chairman, Dr. Jacobs will help guide the development of new technology and Qualcomm's long-term opportunities.
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"I couldn't be more honored and energized to lead the Company through these exciting times," said Steve Mollenkopf, CEO of Qualcomm. "I see numerous opportunities in the coming years for both Qualcomm and the greater industry. Since our founding more than 28 years ago, Qualcomm has been an enabler of the mobile ecosystem and with the support and collaboration of our partners, Qualcomm will continue to push the boundaries of mobile technology."
During Dr. Jacobs' tenure as CEO, he guided the Company through extraordinary growth. The Company's market cap more than doubled, revenues more than quadrupled and GAAP EPS more than tripled. Dr. Jacobs also forged strong collaborations with key global mobile device manufacturers and operators, as well as broadened the mobile ecosystem to key vertical industries. In 2005 when Dr. Jacobs took the title of CEO, Qualcomm was a global Code Division Multiple Access (CDMA)-centric company. Today, Qualcomm is a global wireless company that is driving the mobile ecosystem.