Qualcomm CEO Steve Mollenkopf To Retire: What Investors Should Know

Wireless technology company Qualcomm announced a change in leadership Tuesday morning.

What Happened: Steve Mollenkopf announced he is stepping down as the CEO of Qualcomm Inc QCOM.

Mollenkopf has been with Qualcomm for over 26 years. He will continue to serve as a strategic advisor for a period of time.

The company said Cristiano Amon will succeed Mollenkopf as the new CEO effective June 30. Amon has been a member of Qualcomm since 1995 and is currently the company's president. 

“I am honored to be named the next CEO of Qualcomm and appreciate the confidence that Steve and the board have in me,” Amon said in a statement. 

Related Link: Qualcomm At The Center Of 5G Revolution, Baird Says

Why It’s Important: Mollenkopf helped Qualcomm propel smartphones into the mainstream and made Qualcomm a leader in the 3G, 4G and 5G markets. He also oversaw the expansion of Qualcomm in the Internet of Things, RF Front End and automotive markets.

“With our business model clearly validated and our leadership in 5G, this is 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,” the outgoing CEO said in a statement. 

Amon has served as the president of Qualcomm since January 2018 and has been responsible for the company’s 5G strategy, including the global rollout. Amon was also responsible for the successful executive of several mergers and acquisitions.

“Qualcomm is set to play a key role in the digital transformation of numerous industries as our technologies become essential to connecting everything to the cloud,” he said in a statement. 

QCOM Price Action: Shares of Qualcomm were up 0.52% premarket at $49.27.