Qualcomm has announced that Dr. Paul Jacobs will not be re-nominated to the Qualcomm Board of Directors at Qualcomm’s Annual Meeting of Stockholders on March 23, 2018. The Board reached that decision following his notification to the Board that he has decided to explore the possibility of making a proposal to acquire Qualcomm. The Board will consist of 10 directors effective as of the holding of the annual meeting.
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 Dr. 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.
Dr. Jacobs has been a valued employee and director of Qualcomm since 1990, rising to the level of Chief Executive Officer and Chairman of the Board, and he has been one of the great innovators in our industry. The Board is grateful to Dr. Jacobs for his decades of service and for the commitment, experience and vision he has brought to that service. The Board thanks him for his many contributions to Qualcomm.