On March 9th, Beijing time, news broke that Broadcom's long-awaited acquisition of Qualcomm has already triggered its first major consequence: Qualcomm announced today that Paul Jacobs, the company's executive chairman, has been removed from his position.
In recent years, Qualcomm has faced intense competition in the semiconductor industry, but now it's dealing with a hostile takeover attempt by Broadcom. While the outcome of this potential deal remains uncertain, one thing is clear—members of the founding family can no longer control the company’s future direction.
[Image: Ensuring Fair Evaluation of Broadcom Transactions_Qualcomm Chairman Jacob Was Dismissed]
Qualcomm confirmed that its executive chairman, Paul Jacobs, has stepped down and is no longer the chairperson of the company he co-founded with his father in 1985, though he will remain on the board. The company stated that the move was made to ensure it "remains blameless" during the ongoing Broadcom acquisition process.
At the same time, Qualcomm's board appointed Jeffrey W. Henderson as the new independent, non-executive chairman. It's still unclear how this change will impact the overall acquisition process.
[Image: Ensuring Fair Evaluation of Broadcom Transactions_Qualcomm Chairman Jacob Was Dismissed]
Tom Horton, Qualcomm's chief director, said, “The board remains committed to active corporate governance. At this critical moment, appointing an independent director as chairman aligns with the best interests of our largest shareholder.â€
Horton added, “We are dedicated to maximizing value for our shareholders and will consider all options that achieve this goal, just as we continue to push forward with the acquisition of NXP Semiconductors.†He concluded, “We are grateful for Paul’s long and dedicated service to the company.â€
Currently, the U.S. Treasury’s Foreign Investment Committee (CFIUS) is reviewing Broadcom’s $117 billion acquisition of Qualcomm. Over the next month, CFIUS will assess whether the deal poses a threat to national security. However, insiders suggest the review period may be extended to 75 days.
Meanwhile, Broadcom appears determined to move forward with the acquisition. To address U.S. government concerns, the company recently signaled compromise, announcing plans to invest $1.5 billion in training U.S. engineers to help the country lead in the global 5G market.
In a letter to Congress, Broadcom stated that if the deal is approved, the combined company would not sell any critical national security assets to foreign entities.
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