03.13.18
Qualcomm Incorporated announced that 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.
“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.” Tom Horton, lead director, said. “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.”
Dr. Jacobs has served as chairman of the Board of Qualcomm since 2009, as executive chairman since 2014 and as a director since 2005. He served as CEO from 2005 to 2014, group president of Qualcomm Wireless & Internet from 2001 to 2005, and as an EVP from 2000 to 2005. Dr. Jacobs serves on the Board of Directors for FIRST(R), OneWeb, Light and Dropbox.
Henderson served as CFO of Cardinal Health Inc. from 2005 to 2014. Prior to joining Cardinal Health, Henderson held management positions at Eli Lilly and General Motors, including serving as president and GM of Eli Lilly Canada, controller and treasurer of Eli Lilly Inc., and in management positions with General Motors in Great Britain, Singapore, Canada and the US. He is currently an advisory director to Berkshire Partners LLC, a private equity firm. He is also a director of Halozyme Therapeutics, Inc. and FibroGen, Inc.
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.
“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.” Tom Horton, lead director, said. “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.”
Dr. Jacobs has served as chairman of the Board of Qualcomm since 2009, as executive chairman since 2014 and as a director since 2005. He served as CEO from 2005 to 2014, group president of Qualcomm Wireless & Internet from 2001 to 2005, and as an EVP from 2000 to 2005. Dr. Jacobs serves on the Board of Directors for FIRST(R), OneWeb, Light and Dropbox.
Henderson served as CFO of Cardinal Health Inc. from 2005 to 2014. Prior to joining Cardinal Health, Henderson held management positions at Eli Lilly and General Motors, including serving as president and GM of Eli Lilly Canada, controller and treasurer of Eli Lilly Inc., and in management positions with General Motors in Great Britain, Singapore, Canada and the US. He is currently an advisory director to Berkshire Partners LLC, a private equity firm. He is also a director of Halozyme Therapeutics, Inc. and FibroGen, Inc.
