QUALCOMM, Inc. (NASDAQ:QCOM) reported that the company will not re-nominate Dr. Paul Jacobs to company’s Board of Directors at upcoming Annual Meeting of Shareholders on March 23, 2018. The Board took that decision after Dr. Jacobs notification that he has decided to assess the possibility of making an offer to buy Qualcomm. The Board will comprise of ten directors effective from the annual meeting.
After the pulling out of Broadcom’s takeover offer, Qualcomm focus remains on executing its business strategy and enhancing value for shareholders as an independent firm. There exists no assurance that Dr. Jacobs will or can make a proposal, however, if he does, the Board will assess it as per its fiduciary duties to stockholders.
Dr. Jacobs has remained a valued director and employee of Qualcomm since 1990, being promoted to the level of Chairman of the Board and Chief Executive Officer of company. He has been included in the list of great innovators in the respective industry. Qualcomm Board is thankful to Dr. Jacobs for his years of service and for the experience, commitment and vision he has offered to that service. The Board appreciates him for his several contributions to Qualcomm.
Qualcomm invents advanced technologies that transform the way the world links and communicates. When the phone was connected to the Internet, the mobile transformation has occurred. Today, company’s inventions are the base for life-changing products, industries and experiences.
As Qualcomm direct the world to 5G, it envisions this next big transformation in cellular technology resulting in a new era of intelligent, linked devices and allowing new prospects in connected cars, remote offering of health care services, and the Internet of Things, including smart cities, wearables and smart homes. Qualcomm Incorporated comprises QTL, licensing business and the vast majority of firm’s patent portfolio.