Qualcomm Names Jeffrey Henderson Non-executive Chairman - Quick Facts

(RTTNews) - Qualcomm Inc. (QCOM) said that Dr. Paul Jacobs will no longer serve as Executive Chairman of its board of directors. He will continue to serve on the Qualcomm Board, but will no longer serve in an executive management capacity.

The Board has discontinued the role of Executive Chairman, which was established in 2014 as part of a leadership transition plan, based on its belief that an independent Chairman is now more appropriate for Qualcomm.

The Board has named Jeffrey Henderson, an independent Qualcomm director since 2016, to serve as Non-Executive Chairman.

Tom Horton, Lead Director, said, "We are unanimous in our view that Jeff is the ideal choice for this role based on his deep financial, operational, and international experience as well as his strong stockholder orientation. We are focused on maximizing stockholder value, and will consider all options to achieve that objective, as we seek to move Qualcomm forward by closing the acquisition of NXP, strengthening our licensing business, and capitalizing on the enormous 5G opportunity before us."

Separately, Qualcomm said that Qualcomm River Holdings B.V., an indirect wholly owned subsidiary of the company, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors N.V. (NXPI).

The tender offer is being made pursuant to the Purchase Agreement, dated as of October 27, 2016, between Qualcomm River Holdings B.V. and NXP, as amended.

The tender offer is now scheduled to expire on March 16, 2018, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement.

American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has advised Qualcomm River Holdings B.V. that as of March 8, 2018, the last business day prior to the announcement of the extension of the offer, 65.28 million NXP common shares, representing about 19.0 percent of the outstanding NXP common shares, have been validly tendered pursuant to the tender offer and not properly withdrawn.

This excludes 21,239 shares tendered pursuant to guaranteed delivery procedures that have not yet been delivered in settlement or satisfaction of such guarantee.