Qualcomm announced Tuesday that Cristiano Amon will become CEO of the San Diego-based wireless pioneer following a decision by Steve Mollenkopf to step down at the end of June.
Mollenkopf, 52, joined the company as an engineer in 1994 and succeeded Paul Jacobs, son of founder Irwin Jacobs, as CEO in 2014. His six-year tenure as CEO was marked by unprecedented business challenges, including a long-running legal struggle with Apple, an antitrust case brought by the Federal Trade Commission, and a hostile takeover attempt.
“I am immensely proud of all that we have accomplished at Qualcomm and the position the company currently enjoys as the world’s leader in wireless technologies,” Mollenkopf said. “With our business model clearly validated and our leadership in 5G, this is the right time for Cristiano to assume leadership of the company and preside over what I see as the single largest opportunity in the company’s history.”
Amon, 50, has served as president since January 2018. He joined Qualcomm in 1995 as an engineer and in recent years spearheaded development of the company’s 5G strategy.
“I am honored to be named the next CEO of Qualcomm and appreciate the confidence that Steve and the board have in me,” said Amon. “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. The need for our solutions has never been more pronounced and our leadership position has never been more evident.”
Qualcomm’s stock rose 2% to nearly $152 per share in trading following the announcement.