Qualcomm Tags Steve Mollenkopf As New CEO

Qualcomm has named its new CEO this week that will replace exiting CEO Paul Jacobs. The new CEO that Qualcomm has chosen is Steve Mollenkopf. Interestingly, Mollenkopf was rumored to be one of the people in contention for the Microsoft CEO spot once Steve Ballmer leaves. The Microsoft shortlist for candidates reportedly includes Nokia's Stephen Elop and Ford's Alan Mulally.

Exiting Qualcomm CEO Paul Jacobs has been at the helm since 2005. Mollenkopf has been on the Qualcomm board and will assume the CEO spot on March 4 and has worked for the company for 20 years. On that date, Jacobs will become the executive chairman of the Qualcomm board.

Jacobs will remain an employee of Qualcomm and help with future strategies and direction for the company. He has been a chairman on the board since 2009 and a director since 2005.

Qualcomm is currently doing very well thanks to the booming smartphone market. The company makes some of the most popular smartphone processors out there. Qualcomm chips are used by Apple and Samsung in their electronic devices and can be found inside gadgets from other manufacturers as well.

SOURCE: WSJ