Qualcomm’s Outgoing CEO Was Paid $20.4 Million in 2013

Paul Jacobs, chief executive officer of Qualcomm Inc. (QCOM), made $20.4 million in 2013, his last full year of leading the largest maker of chips for mobile phones.

Chief Operating Officer Steve Mollenkopf, a 20-year veteran of the San Diego-based company, takes over as CEO on March 4.

Jacobs, who is moving to the role of executive chairman when he steps down, received a salary of $1.2 million, plus bonuses, and a stock award of $15 million, according to a company filing yesterday. Jacobs’s total compensation was about 1 percent less than the $20.7 million he made in 2012. Sales more than tripled and profit doubled under Jacobs, who has been CEO since 2005.

Qualcomm’s directors boosted Mollenkopf’s annual salary after naming him as the next CEO to $1.1 million and awarded him stock worth $50 million over the next five years. For 2013, Mollenkopf was paid a total of $14.3 million, according to yesterday’s filing.

The company announced the promotion of Mollenkopf, who has been second-in-command since 2011, in December after Bloomberg News reported that he was a candidate for the top job at Microsoft Corp. (MSFT)

To contact the reporter on this story: Gerrit De Vynck in Toronto at gdevynck@bloomberg.net

To contact the editor responsible for this story: Pui-Wing Tam at ptam13@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.