Qualcomm Director Paul Jacobs to Exit Qualcomm Board
Qualcomm 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, after he disclosed his intention to pursue a long-shot acquisition of the firm.
Qualcomm's board reached that decision following Jacobs' notification to the board that he has decided to explore the possibility of making a proposal to acquire Qualcomm.
"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, "Qualcomm said.
The board decision comes just days after U.S. President Donald Trump blocked a $117 billion hostile bid from Singapore-based rival Broadcom Ltd to acquire Qualcomm, citing national security concerns.
Dr. Jacobs has been an employee and director of Qualcomm since 1990, rising to the level of Chief Executive Officer and Chairman of the board.
Jacobs said in a separate statement that it was "unfortunate and disappointing" that his fellow board members were "attempting to remove me from the board at this time."
"There are clear merits to exploring a path to take the company private in order to maximize the company's long-term performance, deliver superior value to all stockholders, and bolster a critical contributor to American technology," Jacobs said.