Qualcomm, the family-controlled wireless communications company, has announced that co-founder Dr Irwin Mark Jacobs is to step down from his position as chairman with immediate effect.
Although continuing to serve as a board member, he has ceded his position at the helm to his son Dr Paul E Jacobs (pictured), who has served as CEO for the past two years. During his time at Qualcomm, Paul has held numerous engineering and leadership positions, and has led the company's focus on enabling wireless data services.
"I am honored to have been entrusted with this new opportunity to serve as chairman of Qualcomm's board of directors," said the new chairman. "I would like to thank Irwin for his invaluable service to this company. Under his leadership, Qualcomm achieved strong growth in shareholder value and is positioned for continued leadership in a rapidly expanding industry. I look forward to working with Irwin in his new role, where he will continue to help guide the Company's future strategies and direction."
Qualcomm was founded in 1985 by Irwin and six colleagues. Five years later Paul joined the San Diego-based company as a development engineer and has helped to grow it into an $11 billion business with over 12,000 employees.