Paul Jacobs Not To Be Re-nominated To Qualcomm Board As He Explores Proposal

(RTTNews) - Qualcomm Inc. (QCOM) announced on Friday evening that Paul Jacobs will not be re-nominated to its board of directors at its Annual Meeting of Stockholders on March 23, 2018, following his decision to explore the possibility of making a proposal to acquire the company.

Qualcomm said its board will of course evaluate, if Jacobs makes a proposal, consistent with its fiduciary duties to shareholders.

Qualcomm, based on its belief that an independent Chairman is now more appropriate for the company, named Jeffrey Henderson as Non-Executive Chairman earlier this month replacing Executive Chairman Paul Jacobs.

Few days back, the U.S. President Donald Trump issued an executive order blocking Broadcom Ltd. (AVGO) from pursuing its takeover of Qualcomm on national security concerns. Broadcom then withdrew its offer, but stated that it strongly disagrees that its proposed acquisition raises any national security concerns.

Qualcomm's Board will consist of 10 directors effective as of the holding of the annual meeting.

QCOM closed the Friday's regular trading session up 1.22% at $60.62. In the after-hours trading, it further gained 1% to $61.22.