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Jim Cramer on What Mollenkopf's Departure Means for Qualcomm and 5G

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Qualcomm  (QCOM) - Get Qualcomm Inc Report announced Tuesday that Steven Mollenkopf will be stepping down as the CEO of the company. 

Current president Cristiano Amon will take over as CEO. 

"I am immensely proud of all that we have accomplished at Qualcomm and the position the Company currently enjoys as the world's leader in wireless technologies," Mollenkopf said. "With our business model clearly validated and our leadership in 5G, this is the right time for Cristiano to assume leadership of the Company and preside over what I see as the single largest opportunity in the Company's history."

"Cristiano spearheaded the development of our 5G strategy, including its acceleration, industry-leading technology roadmap and global rollout," he added. "He was also a key architect and driver of Qualcomm's strategy to expand and diversify our business beyond mobile and into new industry segments such as Auto, RF Front-End and IoT. Qualcomm is well positioned for the future and I am confident that with Cristiano as CEO, the Company will continue to invent leading technologies and create value for all of our stakeholders." 

Watch: Everything Jim Cramer Is Watching in the Stock Market Tuesday

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