Christiano Amon named Qualcomm CEO; Steve Mollenkopf will retire

Qualcomm CEO Steve Mollenkopf will step down after seven years; Christiano Amon named successor.



PUBLISHED BY
Anna Domanska



TAGS:


2 weeks ago




Christiano Amon to succeed Steve Mollenkopf as Qualcomm CEO.

Qualcomm Incorporated, the world’s largest supplier of phone processors and modems, announced on Tuesday it had named its president and chip division head Christiano Amon as its new CEO.

Amon, who has been with the San Diego-based company since 1995, will replace outgoing chief executive Steve Mollenkopf, effective June 30. Mollenkopf has served as Qualcomm CEO since 2014 and has been with the company for 26 years. He guided Qualcomm through three crises: A hostile takeover bid by Broadcom, Inc., an antitrust case by the U.S. Federal Trade Commission (FTC), and a blockbuster legal battle with Apple. The chipmaker prevailed in all three cases, and Mollenkopf, 52, departs with its shares climbing at nearly three times their value during the time of crises.

The departing Qualcomm CEO will remain at the chipmaker as a strategic advisor for a period of time.

 Qualcomm CEO Elect Christiano Amon to succeed Steve Mollenkopf

Steve Mollenkopf, Cristiano Amon (Image Source: Qualcomm)

Christiano Amon was unanimously chosen as Qualcomm’s next CEO by the Board of Directors following Mollenkopf’s announcement of his decision to retire.

In a statement, Mollenkopf credit Amon with spearheading the chipmaker’s 5G strategy and its expansion beyond mobile into segments such as Mobile, RF Front End (modems) and Internet of Things.

Longtime exec Christiano Amon named new Qualcomm CEO

Christiano Amon is a popular face in the mobile industry – he is often invited to speak at industry events on behalf of the company. He is also the driving force behind the company’s expansion into 5G tech, automotive computers and personal computers.

He is in charge of the company’s semiconductor business, which includes the Mobile, RF Front End (modems), Automotive and Internet of Things divisions. He was promoted to the President position in January 2018 and will retain the role while also carrying out the chief executive role.

As Qualcomm president, Amon played a monumental role in its licensing division, which signs agreements related to its patent portfolio and generates most of the company’s profits. In recent years, Christiano Amon has overseen Qualcomm’s chip vision, which supplies mobile processors to most of the Android phone makers and modem chips that help both Android devices and Apple Inc.’s iPhones connect to wireless data networks.

Qualcomm CEO Elect Christiano Amon to succeed Steve Mollenkopf

Christiano Amon at Snapdragon Tech Summit (Image Source: Qualcomm)

“We have been at the forefront of innovation for decades and I look forward to maintaining this position going forward,” Mr Amon said. “In addition to driving the expansion of 5G into mainstream devices and beyond mobile, 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.”

Qualcomm’s stock is climbing steadily since March 2020 after the company announced it was going to sell millions of chips for 5G smartphones as people upgrade their phones.

According to Counterpoint Research, Qualcomm was the biggest 5G chipset maker in Q3 2020. It powered roughly 39% of 5G smartphones sold worldwide.

Global Smartphone Chipset Market Share

The chipmaker reported a fiscal fourth-quarter net income of $2.96 billion, which amounts to $2.58 a share, compared with a net profit of $506 million, or 42 cents a share, a year ago.

Qualcomm was founded in 1985 and started as contract research and development center for government and defense products. In the ‘90s it restructured to focus on patents and chipset business. By 2000, the chipmaker has grown from an 8-employee company in 1986 to 6,300 employees.

Subscribe to the nation’s fastest-growing CEO magazine to get the latest business news delivered to your inbox. 

Avatar
Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

IBM Q4 Profit Up, Banks on Cloud and AI For 2021

IBM Q4 Profit Up, Banks on Cloud and AI For 2021

IBM’s revenue is expected to rise in 2021 and generate adjusted free cash flow of $11 billion to $12 billion for the year. ...
1 hour ago
‘World first’: Google threatens to disable search in Australia over proposed new law

‘World first’: Google threatens to disable search in Australia over proposed new law

Google has been at odds with the Australian Government since the latter proposed the ‘world first’ law to make tech companies pay publis...
3 hours ago
FCC rejects petition to stay Ligado Network’s 5G rollout

FCC rejects petition to stay Ligado Network’s 5G rollout

The Federal Communications Commission rejected by a vote of 3-2 on Tuesday to freeze the rollout of Ligado Networks’ nationwide mobile bro...
1 day ago
Oil prices rise on hopes of big stimulus money

Oil prices rise on hopes of big stimulus money

The crude oil prices showed an upswing with Brentwood going up to $56.08 a barrel and the US West Texas Intermediate crude oil selling at $5...
1 day ago
Kia bags Apple Car production deal

Kia bags Apple Car production deal

Apple Inc.’s much-coveted Apple Car could be produced by Kia Corp. at the latter’s manufacturing facility in the United States. The Sout...
1 day ago
Food Stocks to Lookout for in 2021

Food Stocks to Lookout for in 2021

The COVID-19 pandemic has seen a resurgence in recent weeks and talks of normalcy are still far away, even with the vaccinations. For invest...
2 days ago