Qualcomm Chairman Paul Jacobs Asked to Step Down Amid Broadcom Deal Pressure
Amidst hostility over the takeover bid by Broadcom, Usa wireless engineering science and chipset giant Qualcomm has asked Executive Chairman Dr. Paul Jacobs to step down from his postal service.
The visitor has announced that it is reversing the leadership reorganization that took place in 2014, and that it volition now have an contained Chairman. Paul, who is the son of Qualcomm co-founder Irwin Jacobs, served as the CEO of Qualcomm between 2005 and 2014. In 2014, equally part of the reorganizing the visitor'due south management, Paul assumed the role of the Executive Chairman.
Jeffrey Henderson, who has been on the lath of directors since 2016, to be the new non-executive Chairman.
The company, in a press release, said that having an contained managing director as the Chairman has been a crucial office of the company's history, which was changed dorsum in 2014. Jacobs, as per the visitor, will continue to exist a fellow member of the board of directors. It besides added that the stride is aimed at maximizing the value for stakeholders, the conclusion of the NXP acquisition deal, and "capitalizing" on the significant opportunities which 5G offers.
At the same fourth dimension, Broadcom's bid to acquire Qualcomm has taken a foul turn as the Commission on Foreign Investment in the United States (CFIUS) intervened citing Broadcom'southward ties with Chinese companies, especially because Qualcomm is leading innovator in 5G technology – Snapdragon 855 with X50 5G-ready modem was teased only today – and the deal might compromise the USA's position every bit a leader in 5G engineering.
Broadcom, in response, has hit back, claiming Qualcomm's ties with diverse Chinese companies and vowed to continue 5G R&D active. But it does not desire to resign the pressure and is still very much interested in acquiring Qualcomm. Farther, Broadcom had earlier demanded that as part of the deal, Qualcomm's board of directors must exist revamped which could have led to Jacob'south ousting from the post.
The past yr has been very troublesome for Qualcomm with incessant pressure for takeover from Broadcom, dispute with erstwhile ally Apple, and multiple billion-dollar fines from contest regulators across the earth.
Source: https://beebom.com/qualcomm-chairman-paul-jacobs-steps-down-broadcom/
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