RealTime IT News

Paul Jacobs Replacing Father as Qualcomm Chief

Wireless communications technology maker Qualcomm Tuesday named Paul E. Jacobs its new chief executive officer.

Jacobs, 42, who joined the company full-time in 1990, will succeed his father Irwin Mark Jacobs as CEO on July 1 under the company's management succession plan. He will also join the company's board of directors at the same time.

Irwin Jacobs, 71, who co-founded the San Diego-based company in 1968, said he will remain chairman of Qualcomm's executive board.

Qualcomm also announced that Steven Altman, 43, will succeed Tony Thornley as its next president. Thornley, 58, will retire on July 1.

"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," Jacobs said in a statement. "I have the utmost confidence in their ability, supported strongly by our deep management team, to drive technical and business innovations, ensuring the growth and future of Qualcomm."

The younger Jacobs currently serves as executive vice president and president of Qualcomm's Wireless and Internet Group.

Altman, who joined Qualcomm in 1989 and has served as executive vice president, general counsel and president of Qualcomm Technology Licensing. He has handled the company's large licensing agreements, including contracts with telecommunications giant Ericsson .

In related news, the board of directors approved a 29 percent increase in the company's quarterly dividend, and doubled its stock repurchase authority to $2 billion, the company announced. The buyback under this program will be made using Qualcomm's own cash resources, the company said.