Qualcomm Will Not Re-Nominate Paul Jacobs To Board As He Seeks Buyout
Paul Jacobs is exploring the option of buying out Qualcomm, the company his father, Irwin Jacobs, co-founded. The move, which would require the support of investors, would make Qualcomm a private company.
Subsequently, Qualcomm Incorporated announced Friday that Paul Jacobs will not be re-nominated to the Qualcomm Board of Directors at Qualcomm’s Annual Meeting of Stockholders on March 23, 2018. Now the board will consist of 10 directors at the upcoming annual meeting.
Qualcomm said in a news release, "following the withdrawal of Broadcom’s takeover proposal, Qualcomm is focused on executing its business plan and maximizing value for shareholders as an independent company. There can be no assurance that Jacobs can or will make a proposal, but, if he does, the Board will, of course, evaluate it consistent with its fiduciary duties to shareholders."
Jacobs has been with Qualcomm since 1990, rising to the level of Chief Executive Officer and Chairman of the Board. Recently, President Trump issued an order to stop the takeover of Qualcomm by Singapore based Broadcom citing national security concerns. Analysts have since speculated on leadership changes at the company.