Irwin Jacobs Stepping Down as Qualcomm CEO
Irwin Jacobs, the 71-year-old founder of
Qualcomm
(QCOM) - Get Report
, will step down as the technology company's chief executive on July 1, to be succeeded in the post by his son, Paul Jacobs.
The company also said Tony Thornley, its 58-year-old president, will retire July 1, to be succeeded by Steven Altman, the company's former general counsel.
Irwin Jacobs, the former University of California electrical engineering professor who founded Qualcomm in 1985, will remain the company's chairman. He has presided over a nearly 8,000% appreciation in the shares since they came public in 1991, including a 41% gain since the start of 2004.
"As we approach the 20th anniversary of Qualcomm's founding, I believe it is the right time to transition my CEO responsibilities, although I will stay actively involved with Qualcomm as chairman," Irwin Jacobs said in a statement. "Paul and Steve have been a critical part of the executive team for many years now, and the company has benefited greatly from their creativity, vision, dedication and focus."
Earlier, Qualcomm raised its quarterly dividend to 9 cents from 7 cents and set a $2 billion share buyback. The stock was recently down 9 cents to $37.30 on Instinet.