Qualcomm: Jeffrey Henderson is Non-Executive Chairman

March 9, 2018

Dr. Paul E. Jacobs will no longer serve as Executive Chairman of the Qualcomm Board of Directors. Dr. Jacobs will continue to serve on the Qualcomm Board, but will no longer serve in an executive management capacity. The Board has discontinued the role of Executive Chairman, which was established in 2014 as part of a leadership transition plan, based on its belief that an independent Chairman is now more appropriate for Qualcomm. The Board has named Jeffrey W. Henderson, an independent Qualcomm director since 2016, to serve as Non-Executive Chairman.

Tom Horton, Lead Director, 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.”

Mr. Horton continued, “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.”

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