), the world's leading chipset maker for mobile handsets, has
appointed its chief executive officer (COO) Steve Mollenkopf as
the next chief executive officer (CEO) effective Mar 4, 2014.
This will bring an end to the speculations of Mollenkopf becoming
the next CEO of
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Steve Mollenkopf, aged 44, will succeed Dr. Paul E. Jacobs, the
current CEO and president of Qualcomm. However, Jacobs, aged 51,
will become the Executive Chairman. His expertise is expected to
help the company achieve its future goals.
Mollenkopf joined Qualcomm as an engineer in 1994. Later, he was
to head the company's chip business, QCT, in 2008. Under his
leadership, the company made its largest purchase by acquiring
Atheros for $3.1 billion in 2011.
As far as Mollenkopf's qualification is concerned, he holds a
masters degree in electrical engineering from the University of
Michigan and a bachelor's degree in electrical engineering from
Virginia Tech. We believe his technical proficiency and a great
track record will benefit Qualcomm going forward.
Qualcomm's mobile chipset business has already gained huge
traction and is widely used in
) Android devices and
) iPhones. Last year, the company secured the third place in the
semi-conductor industry, behind the market leader Intel
Corporation (INTC) and Samsung Electronics. We believe that the
company will continue to perform well buoyed by significant surge
in the demand for smartphones and tablets.
In the fourth quarter, Qualcomm shipped approximately 190 million
CDMA-based MSM chipsets, up 35% year over year. This figure
significantly surpassed the company's guidance of a mid-point of
176 million. The company expects to ship 195-210 million MSM
chipsets in the first quarter of fiscal 2014.
Currently, Qualcomm carries a Zacks Rank #2 (Buy).