CEO Paul Jacobs is staying put as the leader of the company. However, Steve Altman will step out of his role as president of the company and into the role of vice chairman of the board. Altman, who had been president for the past 6 years and an employee of the company for 22 years, will go from handling day-to-day operations to a visionary position.
The president's seat will now be filled by Steve Mollenkopf (been with the company for 17 years), who was also named COO. Mollenkopf's previously held the position of executive vice president, and this position will be filled by a man named Derek Aberle.
So what does any of this mean for Qualcomm? Are these moves good news for shareholders and/or customers, or what?
ReplyDeleteReading Altman's background would suggest that he would be a good fit for the company in numerous positions. But I believe that he best serves the company in a "forward-looking" position. He has a strong background in negotiations and business strategy... this should serve the company well when it looks past the horizon for future opportunities. The fact he has a JD from USD should also help steer the company from any legal messes, at least in the US market. Having Altman move to the board probably helps CEO Paul Jacobs when it comes to voting on certain matters. Altman has been with the company for 20+ years, and it's likely he's developed a good relationship with Jacobs and his dad, Irwin (ex-CEO and current chairman).
ReplyDeleteI don't know too much about the other two (Mollenkopf and Aberle), but I'll keep you updated on them.