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(Reuters) -Qualcomm Inc said on Tuesday it had named its president and chip division head Cristiano Amon as its new chief executive, replacing Steven Mollenkopf effective June 30.
Amon has been with the company since 1995 and became president in 2018. In recent years he has overseen the chip division, which supplies processors to most of the Android phone ecosystem and modem chips that help both Android devices and Apple Inc (NASDAQ:AAPL)’s iPhones connect to wireless data networks.
San Diego-based Qualcomm (NASDAQ:QCOM) is the world’s biggest supplier of phone processors and modems and is also branching into radio-frequency chips for phones. Amon, 50, has also guided the company’s expansion into new areas such as 5G infrastructure equipment, automotive computers and personal computers.
As Qualcomm president, Amon also played a role in its licensing division, which signs deals related to its patent portfolio and generates most of the company’s profits
Mollenkopf, a 26-year company veteran, guided Qualcomm through three crises: A hostile takeover attempt by Broadcom (NASDAQ:AVGO) Inc, an antitrust challenge by the U.S. Federal Trade Commission and a protracted legal battle with Apple.
Qualcomm prevailed in all three cases, and Mollenkopf, 52, leaves with its shares riding at nearly three times their value during the depth of the crises.
“Steve navigated through unprecedented circumstances during his tenure, facing more in his seven years as CEO than most leaders face in their entire careers,” said Mark McLaughlin, chair of Qualcomm’s board.
Mollenkopf will remain with Qualcomm as an adviser for a period of time, the company said.
