Qualcomm to discuss former chairperson leaving after trying to acquire the company himself
New Orleans — Qualcomm’s board of directors was meeting on Friday to discuss former chairperson Paul Jacobs leaving its board after he informed the US semi-conductor company he was exploring ways to acquire it, people familiar with the matter said on Friday.
The deliberations come just a few days after an order by US President Donald Trump blocked a $117bn hostile bid from Singapore-based rival Broadcom to acquire Qualcomm, due to national security concerns.
While Jacobs supported Qualcomm’s resistance to Broadcom’s bid, he increasingly clashed with other members of the San Diego-based company’s board, including CEO Steve Mollenkopf, over how Qualcomm defended itself, the sources said.
Jacobs’ attempt this week to put together an offer to acquire Qualcomm by reaching out to investment firms, including SoftBank Group,’s Vision Fund, was a result of his disaffection, the sources added.
Jacobs is likely to step down from Qualcomm’s board, the sources said. His name would then be removed from Qualcomm’s slate of board director nominees at its shareholder meeting next week. The sources asked not to be identified because the deliberations are confidential. Qualcomm did not respond to a request for comment.