Qualcomm formally named Steve Mollenkopf as chief executive officer Tuesday, replacing Paul Jacobs, the son of the San Diego tech company’s founder Irwin Jacobs.

Steve Mollenkopf of Qualcomm. Image from YouTube.com
Steve Mollenkopf of Qualcomm. Image from YouTube.com

“Our business continues to generate strong operating cash flows driven by the global adoption of our advanced technologies, including 3G and 4G, enabling us to continue to invest in our strategic growth opportunities, while also returning capital to stockholders,” Jacobs was quoted by U-T San Diego.

The annual meeting of Qualcomm stockholders was the scene for the change.

The U-T reported that in December, “Qualcomm announced the pending promotion of Mollenkopf from chief operating officer and president to chief executive officer. The company elevated Mollenkopf after he was rumored to be a top candidate for the CEO post at Microsoft.”

Jacobs, staying as executive chairman of the board of directors, will focus on new technology and long-term growth projects, the U-T said.

“A lot of people talk about how everyone has a smartphone,” Mollenkopf said. “But we think there are a lot of legs left in smartphones worldwide.”