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Qualcomm Inc. announced Tuesday that its chief executive, Steve Mollenkopf, will step down in June after 26 years with the mobile chip giant.
The company has named Cristiano Amon as Mr Mollenkopf’s successor, as Qualcomm puts a period of legal wrangling behind it and aims to capitalize on the growing demand for super-fast 5G phones.
Mr. Mollenkopf will remain an adviser to the company for a period after Mr. Amon succeeds him, the company said. The outgoing CEO said now is the right time to make the switch, with questions about the company’s business model and significant new opportunities ahead.
As Chairman of Qualcomm, the 50-year-old Mr. Amon has been the public face of the company’s efforts to become a central supplier in the 5G switchover, winning business with Apple Inc., pulling building on its share of the Chinese handset market and moving into new areas like chips for self-driving cars. It is expected to take over on June 30, the company said.
Mr. Mollenkopf, 52, was promoted to CEO in 2014 and has led the company through several years of unprecedented challenges. They included a long-standing legal fight with Apple over Qualcomm’s patent licensing practices, an antitrust case brought by the Federal Trade Commission, fending off an activist investor, avoiding a hostile takeover and scrapping a $ 44 billion acquisition. of dollars amid US-Chinese political tensions.
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