Qualcomm CEO Steve Mollenkopf will step down from his position in June, after more than 26 years with the company, according to a press release out Tuesday.
The big picture: Cristiano Amon, the company president who headed its 5G strategy, received unanimous support from the board of directors to replace Mollenkopf. The shift comes as the company has greatly increased its focus on the development of 5G technology.
- Mollenkopf has been with the company for 26 years, and has served as CEO since 2014.
- He will remain at Qualcomm as a strategic advisor “for a period of time,” per the news release.
What he’s saying: Mollenkopf said it was “the right time for Cristiano to assume leadership of the Company and preside over what I see as the single largest opportunity in the Company’s history.”
- “Cristiano spearheaded the development of our 5G strategy, including its acceleration, industry-leading technology roadmap and global rollout,” Mollenkopf wrote.
- “Qualcomm is well positioned for the future and I am confident that with Cristiano as CEO, the Company will continue to invent leading technologies and create value for all of our stakeholders.”