Qualcomm Names Aberle President Reporting to Mollenkopf

Qualcomm Inc. (QCOM), the biggest provider of mobile-phone chips, promoted Derek Aberle to president, naming a second-in-command to new Chief Executive Officer Steve Mollenkopf. Aberle, 43, was an executive vice president in charge of Qualcomm’s technology licensing business, which generates about two-thirds of profit, the company said in a statement yesterday. The unit has more than doubled its earnings and revenue with Aberle in charge, Qualcomm said. Mollenkopf has said his top priority is to get more licensing revenue and chip sales from makers of phones that work on China Mobile Ltd.’s network. The world’s largest wireless carrier is upgrading to the long term evolution, or LTE, standard, which will boost demand for Qualcomm’s chips and revenue from licensing, the company has said. “Derek has been instrumental in creating and growing many important areas of Qualcomm’s business,” Mollenkopf said in the statement. Qualcomm shares rose less than 1 percent to $77.07 at yesterday’s close in New York before the announcement, leaving them up 3.8 percent this year. Mollenkopf replaced Paul Jacobs, who moved to the chairman role, at the company’s annual shareholder meeting last week. Aberle has a bachelor’s degree in economics from the University of California, Santa Barbara, and a law degree from the University of San Diego. Source : http://www.bloomberg.com/news/2014-03-10/qualcomm-names-aberle-president-reporting-to-mollenkopf.html