U.S. Markets closed

Qualcomm Board To Dump Jacobs, Jacobs Fires Back

Following on rumors yesterday that Qualcomm (QCOM) former chief executive and former executive chairman, Paul Jacobs, was interested in an leveraged buyout to take the company private, Qualcomm this afternoon announced that Jacobs will “not be re-nominated to the Qualcomm board of directors” when the company holds its annual meeting on March 23rd, a week from today. The news follows rumors earlier in the day the board might dismiss Jacobs. Qualcomm said the board made the decision "following his notification to the Board that he has decided to explore the possibility of making a proposal to acquire Qualcomm." In response, Jacobs sent a statement via a spokesperson saying he is glad the board will consider his proposal, and disappointed they are “attempting to remove me from the board." Here is the Qualcomm statement in full: Qualcomm Incorporated today 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.