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Qualcomm CEO Steve Mollenkopf to Retire: A Look at His Legacy

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Qualcomm  (QCOM) - Get Qualcomm Inc Report CEO Steven Mollenkopf is retiring at the end of June this year. On Tuesday, the chipmaker company announced that Mollenkopf is stepping down after serving as a CEO for seven years.

It's worth noting that Mollenkopf, 52, has spent more than 26 years in the company.

Qualcomm grabbed Mollenkopf, a fresh graduate of the University of Michigan, as an engineer in 1994. 20 years later, on March 4, 2014, he became the CEO of the company.

“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.

Mollenkopf also served as Qualcomm’s president and Chief Operating Officer.In 2011, he engineered Qualcomm’s biggest acquisition, $3.1 billion purchase of chipmaker Atheros.

Qualcomm says this deal helped expand its business beyond smartphones and “accelerated the adoption of Qualcomm’s technologies and platforms in new segments.”

During his tenure as a CEO, in 2019, Mollenkopf successfully settled a 2-year legal battle with Apple  (AAPL) - Get Apple Inc. Report, where Qualcomm was paid at least $4.5 billion. Also, in August 2020, the U.S. Appeals Court reversed FTC’s 2019 antitrust win against Qualcomm.

Qualcomm's President Cristiano Amon will succeed Steve Mollenkopf on June 30.

"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," said Mollenkopf.

Watch the video above to know more.

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