San Diego-based tech company Qualcomm replaces Executive Chairman Paul Jacobs

Paul Jacobs is son of cofounder Irwin Jacobs

(KGTV) - Longtime Qualcomm executive Paul Jacobs will no longer serve in the role of executive chairman of the San Diego-based company's board of directors, the firm announced Friday.

In a release, company officials said Jacobs -- the son of Qualcomm founder Irwin Jacobs - "will no longer serve in an executive management capacity" but "will continue to serve on the Qualcomm Board."

The company said Jeffrey W. Henderson would serve as Non-Executive Chairman. Henderson has been an independent Qualcomm director since 2016.

Lead Director Tom Horton said:

"The Board is committed to the principles of strong corporate governance and believes that having an independent director as Chairman at this important juncture in Qualcomm's history is in the best interest of the Company and our stockholders. We are unanimous in our view that Jeff is the ideal choice for this role based on his deep financial, operational, and international experience as well as his strong stockholder orientation. We are focused on maximizing stockholder value, and will consider all options to achieve that objective, as we seek to move Qualcomm forward by closing the acquisition of NXP, strengthening our licensing business, and capitalizing on the enormous 5G opportunity before us.

On behalf of the entire Board, I want to thank Paul for his tireless dedication to Qualcomm over many years. Paul is a technology visionary whose ideas and inventions have contributed significantly to the growth of both the Company and the industry. Paul has led the development of generations of semiconductors that have fueled smart phones and the worldwide wireless revolution of the past 30 years. His deep expertise, coupled with a focus on innovation, have made Qualcomm a leader in critical technologies and positioned us at the forefront of the industry. We are grateful to have Paul's continued contributions as a member of the Board. His extensive knowledge of our business, products, strategic relationships and opportunities, as well as the rapidly evolving technologies and competitive environment in our industry, are invaluable to our Board."

Jacobs has been chairman of Qualcomm's board of directors since 2009. He was company CEO from 2005-2014 before taking the role of executive chairman role in 2014.

In recent months, Broadcom has attempted to acquire Qualcomm. It has made multiple cash-and-stock offers for its rival, but the tech firm has rejected the offers.

Qualcomm has stated that they have rejected Broadcom's offers because they "undervalue" the company.

If Broadcom were to buy Qualcomm, it would make the Singapore-based firm the world's third-largest chipmaker behind Intel and Samsung.

If Broadcom is ultimately successful in its takeover attempt, the impact on San Diego could be severe. Qualcomm is one of the few major corporations with a global reach to be headquartered in a city known mainly for tourism, and smaller defense and life sciences firms.

The company is one of the region's largest private employers, and the family of co-founder Irwin Jacobs is one of the area's most generous philanthropists.

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