Qualcomm (NASDAQ: QCOM) CEO Steve Mollenkopf has just announced his retirement, ending a seven-year term. The semiconductor giant chose to give the title of CEO to another insider with a lot of experience in the company.
The new name has existed for 26 years
Steve Mollenkopf, 52, will step down as Qualcomm’s CEO on June 30, 2021. To support a smooth transition, he will remain in a strategic advisory role for an unspecified period.
Its substitute has a familiar flavor. Elected CEO Cristiano Amon, 50, made his way into Qualcomm after joining the company as an engineer in 1995, a year after Mollenkopf entered the job market with a similar position. He currently serves as president of Qualcomm, mirroring Mollenkopf’s springboard to the CEO’s office.
Cristiano Amon, president and CEO elected of Qualcomm. Image source: Qualcomm.
Amon’s areas of expertise
In recent years, Amon has led Qualcomm’s 5G wireless strategy, diversifying the company into several new target markets. He is the daily manager of Qualcomm’s initiatives in automotive computing, the Internet of Things and mobile devices. All of these markets are central operations and will form the basis of Qualcomm’s strategy for many years.
“Qualcomm must play a key role in the digital transformation of many industries, as our technologies become essential to connect everything to the cloud,” said Amon in a prepared statement. “The need for our solutions has never been more pronounced and our leadership position has never been more evident.”
Investors did not waver when the executive transition plan was announced. Qualcomm’s shares rose 2% on the news, slightly above a 0.5% gain on the S&P 500 index. The stock gained 72% last year.