Qualcomm OKs $10 Billion Stock Buyback, Sees Top R&D Exec Leave

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Matt Grob. Photo via Qualcomm

Qualcomm Inc. announced Wednesday that its Board of Directors approved a $10 billion stock repurchase authorization that replaces the previous $15 billion stock repurchase program announced in March 2015, which had $1.2 billion of repurchase authority remaining.

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“Consistent with our commitment to return capital to our stockholders, we are pleased that our board has approved a new stock repurchase authorization, which enables our continued anti-dilutive share repurchases and provides flexibility for potential additional repurchases, as we execute on our proposed acquisition of NXP,” said CEO Steve Mollenkopf.

“Since our capital return programs began in 2003, we have returned more than $60 billion to stockholders through a combination of stock repurchases and cash dividends.”

The cellular software giant saw its share price rise 31 cents to $53.17.

In other news, Qualcomm comnfirmed a tweet by Matt Grob, executive vice president of technology, has left the company.

The San Diego Union-Tribune reported that Grob, 51, the top research and development executive at Qualcomm, decided to leave on his own.

“His departure was not related to layoffs last month, when the company cut 1,500 jobs in California – including 1,231 in San Diego,” the U-T said.

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The new stock repurchase authorization has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased using the mobile technology company’s cash resources will depend upon prevailing market conditions and other factors, according to Qualcomm.

Repurchases may be made in the open market, through 10b5-1 programs, accelerated share repurchase programs, through privately negotiated transactions or through the use of derivative instruments.

— City News Service contributed to this report.

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